IMF Executive Board concludes discussions in connection with Article IV Consultation on Iceland and FSAP
On Wednesday 14 June 2023, the Executive Board of the International Monetary Fund (IMF) concluded its annual discussions of economic developments and prospects for Iceland, following the regular Article IV Consultation. Article IV Consultations are conducted every one or two years for IMF member countries. Also discussed this year was the Fund’s Financial Sector Assessment Program (FSAP) appraisal, which in Iceland’s case is carried out on a voluntary basis but is mandatory for countries whose financial sectors are systemically important in a global context.
A team from the IMF met with Icelandic Government representatives and other stakeholders this spring in connection with the Article IV Consultation. The IMF FSAP team had previously visited Iceland in late 2022 and March 2023 in connection with its appraisal of the financial system. The assessment lasted most of the winter, entailing various data requests and questionnaires. The purpose of the assessment was to examine the resilience of the financial system, the quality of regulation and supervision, and assess the country's crisis management framework.
The IMF reports on Iceland were published today on its website and can be found, together with other recent material, at the links below:
ICELAND: FINANCIAL SYSTEM STABILITY ASSESSMENT (IMF Country Report No. 23/220)