Iceland completes pay-back of IMF loan

The Central Bank of Iceland.

The Central Bank of Iceland. Photo: Ómar Óskarsson

The Central Bank of Iceland has announced today that it is in a position to pay back the remaining balance of the IMF loan received in the aftermath of the collapse of the Icelandic financial system.

Iceland received a total of some ISK 250 billion (approx. €1.76 billion) from the International Monetary Fund (IMF) under a ‘Stand-By Arrangement’ concluded with the Fund after the crash of 2008.

By the time of today’s announcement, there was some ISK 42 billion (approx. €296 million) left to reimburse, payable at the end of 2015 and in the first half of 2016.

The Central Bank of Iceland’s current “good” foreign liquidity position means it is able to pay off the remaining debt straight away and in full.

Having already paid back bilateral bailouts from the Faroe Islands, Poland and the Nordic countries in 2012-15, Iceland is with this announcement definitively ending the IMF’s post-programme monitoring of the country.

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