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Iceland: Request for Stand-By Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland

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  • International Monetary Fund

Abstract

This paper examines key findings of Iceland’s Request for a Stand-By Arrangement from the IMF. Iceland’s economy is in the midst of a banking crisis of extraordinary proportions that is expected to lead to a deep recession, a sharp rise in the fiscal deficit, and a dramatic surge in public sector debt, reflecting a high fiscal cost of restructuring the banking system. The virtual collapse of the on-shore foreign exchange market poses a serious and immediate risk to the economy considering its high import dependence.

Suggested Citation

  • International Monetary Fund, 2008. "Iceland: Request for Stand-By Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland," IMF Staff Country Reports 2008/362, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2008/362
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=22513
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    Cited by:

    1. Marco Mele & Floriana Nicolai, 2019. "The Role of the International Monetary Fund After the 2008 Crisis," Research in World Economy, Research in World Economy, Sciedu Press, vol. 10(1), pages 60-71, June.
    2. Roman Mogilevsky & Anara Omorova, 2011. "Assessing Development Strategies to Achieve the MDGs in Asia. Macroeconomic Strategies of MDG Achievement in the Kyrgyz Republic," CASE Network Reports 0095, CASE-Center for Social and Economic Research.

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