IMF approves $2.1bn Iceland support scheme

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 financ...