Iceland: Request for Stand-By Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland

International Monetary Fund

No 2008/362, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper examines key findings of Iceland’s Request for a Stand-By Arrangement from the IMF. Iceland’s economy is in the midst of a banking crisis of extraordinary proportions that is expected to lead to a deep recession, a sharp rise in the fiscal deficit, and a dramatic surge in public sector debt, reflecting a high fiscal cost of restructuring the banking system. The virtual collapse of the on-shore foreign exchange market poses a serious and immediate risk to the economy considering its high import dependence.

Keywords: ISCR; CR; SDR; Iceland; fund; policy; fiscal consolidation policy; banking sector strategy; monetary policy environment; sound banking system strategy; government of Iceland; Bank resolution; Commercial banks; Current account; Global (search for similar items in EconPapers)
Pages: 87
Date: 2008-11-25
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