30 September 2010

Third review of Iceland's IMF programme approved

The approval of the third review releases the fourth tranche of the loan facility under the Stand-By Arrangement. The fourth tranche amounts to 105 million SDRs (special drawing rights), the equivalent of 162 million US dollars, or just under 19 billion Icelandic krónur. The total loan facilities granted by the Fund in connection with the programme amount to 875 million SDRs (1.4 billion US dollars or 154 billion krónur).

It is expected that the approval of the review will pave the way for bilateral loan financing from the Nordic countries (44 million euros) and Poland (210 million złotys, or 71 million US dollars.

The IMF's regular Article IV Consultation for 2010 was completed at the same time as the third review.