International Monetary Fund approves Iceland's Request

Reykjavik, Iceland - 19 November 2008 - The Executive Board of the International Monetary Fund (IMF) has approved Iceland's request for a two year stand-by arrangement.

Iceland will receive USD 2.1 bn. from the IMF. Additional loans of up to USD 3 bn. have been secured from Denmark, Finland, Norway, Sweden, Russia and Poland. The Faroe Islands have announced that they would lend Iceland USD 50 million.

Of the IMF loan, USD 827 million will be immediately available with the remaining sum made over in eight equal installments of about USD 155 million each, subject to quarterly reviews. The IMF program will last two years and Iceland will repay the loan over the years 2012-2015.

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