European Parliament Library

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 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
Table Of Contents
Cover; Contents; I. Introduction; II. Recent Economic Developments; Boxes; 1. Upward Revisions to the Stock of External Debt Shock; III. Policy Discussions; A. Macroeconomic Framework; B. Monetary and Exchange Rate Policy; C. Financial Sector Policies; 2. Valuation of New Banks' Assets; D. Private Sector Debt Restructuring; E. Fiscal Policy; F. Program Modalities and Safeguards Assessment; IV. Staff Appraisal; Figures; 1. Recent Economic Developments; 2. Monetary and Exchange Rate Developments; 3. Financial and Asset Markets Developments; 4. Developments in Household and Corporate Sectors
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (99 p.)
Specific Material Designation
Form Of Item

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