IMF to Conduct Third Review of Iceland - The Reykjavik Grapevine

IMF to Conduct Third Review of Iceland

Published September 29, 2010

The International Monetary Fund (IMF) intends to review Iceland’s economic situation for a third time, RÚV reports.
The Icelandic government sent a statement of willingness to the IMF, and it is expected that the main offices in Washington D.C. will reach a decision today. The economic plan as a whole calls for giving Iceland 1.2 billion USD, and this review could see 160 million USD coming straight to the Icelandic government.
The IMF has been generally positive towards Iceland’s economic recovery. Last April, they concluded that the country’s economic situation is much better off than it had been anticipated it would be shortly after the banking collapse of October 2008, and has praised the government for taking strict measures to lower debt, adding that they believe unemployment may get as low as 3% by 2014.
Others are not convinced Iceland even needs the help of the IMF. Last month, Leftist-Green MP and Business Committee chairperson Lilja Mósesdóttir said that the Central Bank now has an emergency reserve of 700 billion ISK, as was the initial plan when the IMF first came to Iceland shortly after the economic collapse. For this reason, Iceland has no more use for the IMF, and she would like to see them leave by 30 November, in accordance with the original plan.
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