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The International Monetary Fund on Wednesday approved a loan of US$167.5 million for immediate disbursement to Iceland, after the completion of its first review of the economy under the Stand-By Arrangement scheme. This brings the total amount disbursed under the scheme to US$ 1.06 billion.
The scheme was approved in November 19, 2008, and at the request of the Iceland's authorities, the program has been extended by six months to May 31, 2011, to compensate for the delay in implementation and review.
Iceland's economy which suffered badly due to the global crisis, showed some positive signs now, with inflation falling sharply and the krona stabilizing, in line with the IMF program's objectives. "With determined and timely policy implementation, the economy could begin to turn the corner in the middle of 2010 and a recovery should follow in the medium term", the lender added.
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