COPENHAGEN: Iceland is to repay ahead of time a further tranche of a $2.1 billion loan received from the IMF after its financial crisis in 2008, leaving about 17 percent to pay off, the Central Bank of Iceland said in a statement on Friday.
The tranche amounts to about 50 billion Icelandic crowns, corresponding to 275 million IMF special drawing rights (SDR), and had been due for repayment next year.
The IMF provided Iceland with a total of 1.4 billion SDR ($2.1 billion) under a standby facility granted in November 2008 to help stabilise the economy after Iceland's three biggest banks collapsed with massive debts, sending the crown into a tailspin.
After the payment, the outstanding balance of the loan will be 237 million SDR, or roughly 43 billion crowns.
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