Iceland: Repays Early Some Outstanding Obligations to the IMF
Iceland today repaid, ahead of schedule, obligations to the IMF amounting to SDR 275 million (about US$400.6 million).
The early repayment is about one fifth (20 percent) of the SDR 1.4 billion (about US$ 2.1 billion) that Iceland borrowed from the IMF under its Stand-By Arrangement (see Press Release 08/296). The amounts repaid early are obligations falling due in 2015 under the original repayment schedule.
This early repayment will reduce Iceland’s outstanding obligation to the IMF to SDR 236.875 million (about US$345.1 million). This outstanding balance is projected to be repaid during 2015−16.
After this early repayment, and taking into account the early repayment of Iceland’s Nordic loans in 2014, reserves will remain within the range of adequate buffers.
Prior early repayments were made in March and June 2012 (see Press Release 12/84 and Press Release 12/235).
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