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

November 25, 2008

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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, (USA: International Monetary Fund, 2008) accessed November 24, 2024

Summary

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.

Subject: Balance of payments, Bank resolution, Banking, Commercial banks, Credit, Current account, External debt, Financial crises, Financial institutions, Foreign exchange

Keywords: Bank resolution, Banking sector strategy, Commercial banks, CR, Current account, Fiscal consolidation policy, Fund, Global, Government of Iceland, Iceland, ISCR, Monetary policy environment, Policy, SDR, Sound banking system strategy

Publication Details

Pages:

87
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2008/362
Stock No:

1ISLEA2008001
ISBN:

9781451819373
ISSN:

1934-7685

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