Iceland secures $2bn loan from IMF
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A release from the Icelandic government says: "We have reached agreement ad referendum with a mission from the IMF on an economic stabilisation program that could be supported by a stand-by arrangement with the fund.
"The mission will now return to Washington to get approval of this program from the IMF‘s management. We are confident that the IMF‘s management will support the program and submit it for approval by the IMF‘s excecutive board as soon as possible."
The program will be supported by $2bn loan under a two-year stand-by-arrangement.
Iceland is set to have access to $830m immediately after the Board approval.
The government hope the agreement with the IMF will encourage lending from other sources.
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