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IMF approves disputed loan to Iceland

Text by News Wires

Latest update : 2010-04-16

The International Monetary Fund has granted the last installment -- worth $160 million -- of a loan to crisis-stricken Iceland after months of political wrangling involving creditors Britain and the Netherlands.

AFP - The International Monetary Fund on Friday approved a much-contested 160-million-dollar loan to Iceland, ending months of political wrangling.

The IMF agreed in November 2008 to lend Iceland up to 2.1 billion dollars in an effort to stave off the collapse of the local economy, which was decimated by the financial crisis.

But amid wrangling with creditors, chiefly the Netherlands and Britain, the latest installment of the loan was delayed by three months.

The Washington-based fund said Friday's decision would take lending to the Atlantic island to around 1.2 billion dollars.

"I am confident that the policies and financing now in place will ease the burden of adjustment and help Iceland's economy stage a recovery in the second half of 2010," said IMF boss Dominique Strauss-Kahn.
 

Date created : 2010-04-17

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