Iceland: Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access

This paper discusses key findings of the First Review Under the Stand-By Arrangement for Iceland. Post-crisis dynamics has followed the expected pattern: a sharp drop in GDP, rapid decline in inflation, shift of the current account to balance, and gradual stabilization of currency and financial mark...

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Main Author: International Monetary Fund
Format: Report
Language:unknown
Subjects:
Iceland
Online Access:http://www.imf.org/external/pubs/cat/longres.aspx?sk=23378
id ftrepec:oai:RePEc:imf:imfscr:2009/306
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spelling ftrepec:oai:RePEc:imf:imfscr:2009/306 2024-04-14T08:13:32+00:00 Iceland: Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access International Monetary Fund http://www.imf.org/external/pubs/cat/longres.aspx?sk=23378 unknown http://www.imf.org/external/pubs/cat/longres.aspx?sk=23378 preprint ftrepec 2024-03-19T10:41:22Z This paper discusses key findings of the First Review Under the Stand-By Arrangement for Iceland. Post-crisis dynamics has followed the expected pattern: a sharp drop in GDP, rapid decline in inflation, shift of the current account to balance, and gradual stabilization of currency and financial markets. Several quantitative and structural program targets were missed. The authorities and IMF staff have agreed that a faster pace of fiscal adjustment and more gradual pace of capital account liberalization would be the key toward preserving stability and sustainability. ISCR;CR;debt;debtor-creditor agreement;private sector;internal audit procedures practice; support private sector demand; Islandsbanki acquisition; management operation; fiscal consolidation objective; Capital controls; Loans; Financial statements; Global Report Iceland RePEc (Research Papers in Economics)
institution Open Polar
collection RePEc (Research Papers in Economics)
op_collection_id ftrepec
language unknown
description This paper discusses key findings of the First Review Under the Stand-By Arrangement for Iceland. Post-crisis dynamics has followed the expected pattern: a sharp drop in GDP, rapid decline in inflation, shift of the current account to balance, and gradual stabilization of currency and financial markets. Several quantitative and structural program targets were missed. The authorities and IMF staff have agreed that a faster pace of fiscal adjustment and more gradual pace of capital account liberalization would be the key toward preserving stability and sustainability. ISCR;CR;debt;debtor-creditor agreement;private sector;internal audit procedures practice; support private sector demand; Islandsbanki acquisition; management operation; fiscal consolidation objective; Capital controls; Loans; Financial statements; Global
format Report
author International Monetary Fund
spellingShingle International Monetary Fund
Iceland: Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access
author_facet International Monetary Fund
author_sort International Monetary Fund
title Iceland: Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access
title_short Iceland: Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access
title_full Iceland: Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access
title_fullStr Iceland: Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access
title_full_unstemmed Iceland: Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access
title_sort iceland: staff report for first review under stand-by arrangement and requests for extension of the arrangement, waivers of nonobservance of performance criteria, and rephasing of access
url http://www.imf.org/external/pubs/cat/longres.aspx?sk=23378
genre Iceland
genre_facet Iceland
op_relation http://www.imf.org/external/pubs/cat/longres.aspx?sk=23378
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