Ministry of Finance press release: Agreement has been reached on a letter of intent for the second review under Iceland’s Stand-By Arrangement with the IMF. The review is tentatively scheduled to be discussed by the IMF’s Executive Board on April 16. Upon completion of the review, Iceland would become eligible to draw a third disbursement under the arrangement, in an amount of SDR 105 million (about USD 159 million).
Icelandic authorities have issued a Letter of Intent to the Fund that describes the progress made so far in limiting the impact of the crisis and setting the stage for a sustained recovery. The LoI will be made public after the Board approval.
In recent weeks, the authorities have been working on eliminating obstacles in the way of completing the second review of the Stand-By Arrangement, most recently with meetings of the Minister of Economic Affairs with the Fund’s Managing Director and Executive Directors in Washington on Wednesday.
Looking into the future one eyed jack with lots of questions. W H Y …. ?
Latvia has show how using the IMF you can turnaround an economy.
Iceland has a huge budget deficit, bigger than Greece, is there any sign that is going to do something about this? or is Iceland going to continue borrow for ever?
Good luck! I very much doubt the 2nd review will take place without Dutch and British approval.
Its amazeing how we are learning to beg, while other nations are rejecting the IMF, we are hat in hand begging to them, and everybody else. I wonder if people are starting to realize the magnitude of the situation.