IMF agrees to second Iceland loan
The International Monetary Fund (IMF) has agreed to release a second lot of loan funding to Iceland in its Stand-By Arrangement with the global recession victim.
The second installment follows the US$827 million the IMF lent to Iceland in November last year, after the collapse of the country’s financial sector. The government has since taken control of the major banks.
The institution said the agreement, which included a February installment as part of the US$2.1 billion pledge, was under review, which led to the delay of the first of of eight planned installments of $US155 million.
However, the IMF have worked through their policy and issued a statement to say they would go ahead: “The government of Iceland and IMF staff have reached an agreement on policies to underpin the first review under the Stand-By Arrangement.”
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