IMF, World Bank & IFI Round-Up

The IMF has approved a USD 2.1 billion loan to Iceland to help the Nordic nation stabilize its currency, restore confidence in its banking system and limit the harshest effects of the global financial crisis. About USD 827 million will be made available immediately to Iceland - one of the countries whose economies have been hit hardest by the crisis - under the two-year standby arrangements, according to a press release issued by the IMF, whose Executive Board approved the deal Nov. 19. The IMF said the assistance package should fill about 42 per cent of Iceland's financing gap between this year and 2010.

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