On Wednesday, Oct. 29th, the IMF approved a first review of Iceland’s IMF program and the disbursement of $167.5 million. This event signifies important progress in overcoming the financial difficulties faced over the past year related to the 2008 banking crisis.
IMF mission chief to Iceland Mark Flanagan was optimistic in his assessment of Iceland’s future recovery from international debt:
“While we do see higher debt right now, we also firmly believe that this debt is sustainable. In particular, we have tested it against a variety of macroeconomic shocks, and we believe it will remain on a robust and sustainable downward path,” he said.
Read the full story in the Wall Street Journal and Reuters