IMF Mission to Iceland: All Government Actions Proceeding on Schedule

A six-person delegation from the International Monetary Fund (IMF) has been in Iceland during the past four days reviewing economic developments in Iceland, state finances, monetary policy and the restructuring of the country’s banking system. The mission has been led by Poul Thomsen, IMF Mission Chief for Iceland and Deputy Director of the IMF’s European Department.

During their stay, the mission met with numerous parties, including ministers, public officials, employees of the Central Bank of Iceland, representatives of interest groups and universities, journalists and others.

In his statement, issued on behalf of the IMF mission and published on its website www.imf.org/external/np/sec/pr/2008/pr08331.htm, Mr Thomsen expresses satisfaction with the progress of events in Iceland in recent weeks. Actions by the Icelandic government concerning state finances, monetary policy and foreign exchange issues accord fully with the programme agreed upon by the national government and the IMF. Important decisions have been taken concerning the national budget, foreign exchange market and restructuring of the banking system, including the appointment of foreign experts, all of which confirm the views of the IMF mission that these decisions have brought positive results and that the Icelandic government is proceeding in the right direction.

Another IMF mission is expected to visit Iceland in early February to carry out the first formal review of the programme set up by the IMF and the Icelandic government.