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Iceland: Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism

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  • International Monetary Fund

Abstract

This paper describes the Stand-By Arrangement for Iceland under the Emergency Financing Mechanism. The crisis is producing a sharp contraction of economic activity. Indicators of consumption are plummeting, and the deterioration in the labor market is accelerating, with rising unemployment and falling real wages contributing to a considerable contraction in real incomes. Significant import compression is under way, allowing a sustained turnaround in the trade balance, as exports continue to benefit from a weaker króna. The króna interbank market is inactive, and equity markets remain under pressure with trade being thin.

Suggested Citation

  • International Monetary Fund, 2009. "Iceland: Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism," IMF Staff Country Reports 2009/052, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2009/052
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