20.11.2008

IMF Executive Board Approves US$2.1 Billion Stand-By Arrangement for Iceland

The Executive Board of the International Monetary Fund (IMF) today approved a two-year SDR 1.4 billion (about US$2.1 billion) Stand-By Arrangement for Iceland to support the country's program to restore confidence and stabilize the economy.

The approval makes SDR 560 million (about US$827 million) immediately available and the remainder in eight equal installments of SDR 105 million (about US$155 million), subject to quarterly reviews. The Stand-By Arrangement entails exceptional access to IMF resources, amounting to 1,190 percent of Iceland's quota, and was approved under the Fund's fast-track Emergency Financing Mechanism procedures.

For further information please see the Fund’s website:

 http://www.imf.org/external/np/sec/pr/2008/pr08296.htm

See also on the web of the Prime Minister's Office:

The Icelandic Government's program with the IMF

Letter of Intent

 

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