IMF Staff Country Reports

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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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., (USA: International Monetary Fund, 2011) accessed September 18, 2024

Summary

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

Publication Details

  • Pages:

    88

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2011/125

  • Stock No:

    1ISLEA2011002

  • ISBN:

    9781455272501

  • ISSN:

    1934-7685