| Summary: | The paper describes the impressive economic progress made by Iceland in implementing program policies, stabilizing the exchange rate, and bringing inflation down, under a program supported by a Stand-By Arrangement (SBA). The authorities noted that key challenges are to reduce the high level of unemployment, lift capital controls, accelerate private sector debt restructuring, and strengthen financial sector supervision and regulation. The full implementation of the economic program will create favorable conditions for economic progress based on sustainable public finances, private enterprise, and free markets. Economic indicators;Financial sector;Banks;Capital controls;Debt restructuring;Debt sustainability analysis;Corporate sector;Staff Reports;Performance criteria modifications;Press releases;Private sector;Monetary policy;Fiscal policy;Iceland;Stand-by arrangement reviews;external debt, central bank, capital account liberalization
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