Iceland: Fifth Review Under the Stand-By Arrangement, and Request for Modification of Performance Criteria and Rephasing of Access—Staff Report; Informational Annex; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland.
June 6, 2011
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The paper describes the impressive economic progress made by Iceland in implementing program policies, stabilizing the exchange rate, and bringing inflation down, under a program supported by a Stand-By Arrangement (SBA). The authorities noted that key challenges are to reduce the high level of unemployment, lift capital controls, accelerate private sector debt restructuring, and strengthen financial sector supervision and regulation. The full implementation of the economic program will create favorable conditions for economic progress based on sustainable public finances, private enterprise, and free markets.
Subject: Asset and liability management, Balance of payments, Banking, Capital controls, Debt restructuring, Expenditure, External debt, Public debt
Keywords: asset recovery projection, Capital controls, CR, Debt restructuring, foreign currency rating, Global, Iceland, Iceland's CDS, ISCR, Last Article IV consultation, rating agency, staff statement
Pages:
88
Volume:
2011
DOI:
Issue:
125
Series:
Country Report No. 2011/125
Stock No:
1ISLEA2011002
ISBN:
9781455272501
ISSN:
1934-7685
