2008-11-20 :: icenews.is :: MF Executive Board Approves US$2.1 Billion Stand-By Arrangement for Iceland

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http://www.icenews.is/index.php/2008/11/20/imf-executive-board-approves-us21-billion-stand-by-arrangement-for-iceland/

MF Executive Board Approves US$2.1 Billion Stand-By Arrangement for Iceland

By Lenka Vaiglova on Nov 20, 2008 in Finance and Business, Iceland, MBL, Politics

the Central Bank of IcelandPRESS RELEASE FROM THE CENTRAL BANK OF ICELAND:

The Executive Board of the International Monetary Fund (IMF) today approved a two-year SDR 1.4 billion (about US$2.1 billion) Stand-By Arrangement for Iceland to support the country’s program to restore confidence and stabilize the economy.

The approval makes SDR 560 million (about US$827 million) immediately available and the remainder in eight equal installments of SDR 105 million (about US$155 million), subject to quarterly reviews. The Stand-By Arrangement entails exceptional access to IMF resources, amounting to 1,190 percent of Iceland’s quota, and was approved under the Fund’s fast-track Emergency Financing Mechanism procedures.

For further information please see the Fund’s website: http://www.imf.org/external/np/sec/pr/2008/pr08296.htm