IMF approves Iceland credit review

The Executive Board of the International Monetary Fund has signed off on its second review of the Icelandic economic recovery package. The Icelandic authorities will now have access to ISK 105 billion (approx. USD 830 million) in foreign currency.

The IMF decided that the conditions placed on Iceland for the continuation of its recovery package have been met. With today’s IMF decision, Iceland will gain access to the equivalent of ISK 20 billion from the IMF and ISK 9 billion from Poland. The Nordic countries are expected to confirm their release of an additional ISK 76 billion shortly.

The funds are largely intended to support the Icelandic krona. This second review of the programme has been severely delayed just as the first one was. The still-unresolved Icesave dispute with the Netherlands and the UK was the main reason for both delays, RUV reports.

Source: IceNews, Daily news from Iceland