Iceland Want US$2bn from IMF
CRISIS hit Iceland have asked the International Monetary Fund (IMF) for a $2bn loan.
Prime Minister Geir Haarde is quoted as saying to Finnish newspaper, HELSINGIN SANOMAT, "It's hard to give an exact figure but the situation would be good if we could get $4bn more".
HELSINKI, Oct 27 (Reuters) - Iceland said on Monday that International Monetary Fund (IMF) cash would not be enough to stabilise its ailing economy as it prepared for talks on the financial crisis with its Nordic neighbours. Crisis-struck Iceland called on the IMF for $2 billion in aid on Friday, and the Washington-based lender said an agreement had been reached on an economic programme that would be supported by the financial assistance. The deal still needs IMF board approval, but Prime Minister Geir Haarde told Finnish daily Helsingin Sanomat the funds were only about one third of what Iceland needs to fix a broken banking system, restart currency trading and soften the economic downturn. "It's hard to give an exact figure, but the situation would be good if we would get $4 billion more," Haarde was quoted as saying. Icelandic Commerce Minister Bjorgvin Sigurdsson, in Helsinki for the annual Nordic Council summit, told a news conference that some countries have signalled they would also help.