The International Monetary Fund (IMF) has approved a two-year $2.1bn stand-by arrangement for Iceland to bolster the country's efforts to restore confidence and stabilise the economy.
Approximately $827m is available immediately, while the remainder will be paid in eight equal $155m instalments, subject to quarterly reviews. The stand-by arrangement involves exceptional access to IMF resources amounting to 1,190% of Iceland's quota and was approved under the Fund's fast-track Emergency Financing Mechanism procedures. The three main aims of the program are: To contain the negative impact of the economic crisis by restoring confidence and stabilising the exchange rate in the near term To promote a viable domestic banking sector and safeguard international financia...
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