Icelandic minister relieved by IMF decision

“This is pretty good news,” says Iceland’s Minister for Trade, Gylfi Magnusson when asked about recent developments in Iceland’s IMF loan package. The overdue review is now on the IMF agenda for 16th April.

Magnusson said the Icelandic government was afraid the situation from the previous review, which was repeatedly delayed for months, would be repeated; but added that that seems to have been averted. There has been ongoing argument over whether Iceland’s unresolved Icesave dispute with the UK and the Netherlands means that the country is not fulfilling its obligations under the IMF-led rescue package and both nations sit on the IMF board.

However, it now seems unlikely that a resolution can be found before elections go ahead this spring in both countries. Meanwhile, the IMF will still conduct its review to determine if and when Iceland will receive the next tranche of its loan, Visir.is reports.

“We are crossing our fingers and hoping for the best,” Magnusson said and added that he hopes the IMF board will agree that Iceland has achieved the goals that were set at the beginning of the year.

Source: IceNews, Daily news from Iceland