IMF approves 160 Million Dollar Loan To Iceland
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IMF approves 160 Million Dollar Loan To Iceland
Washington (ANTARA News / Reuters) - The International Monetary Fund (IMF), Friday approved borrowing much contested 160-million dollars to Iceland, ending months of political conflict.
In November 2008 the IMF agreed to lend to Iceland to 2.1 billion dollars in an effort to prevent the collapse of the local economy, devastated by the financial crisis.
But in the midst of a dispute with the creditors, mainly the Netherlands and the UK, the latest installment of the loan would be delayed three months.
Fund based in Washington, said Friday, deciding to take out a loan to the Atlantic island of about 1.2 billion dollars.
"I believe that the current policy and financing will facilitate the adjustment burden and assist the economic recovery phase kedua2010 Iceland in part," said IMF boss Dominique Strauss-Kahn.
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