IMF Says More Time Needed to Gauge Iceland Debt Relief
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The International Monetary Fund said it needs more time to gauge the impact on Iceland’s finances of plans to forgive mortgage obligations as the government responds to last month’s protests demanding debt relief.
“Broad agreement has been reached on policies that can deliver program objectives but more time is needed to assess the impact of new measures under consideration to facilitate household debt restructuring,” the IMF said in a statement yesterday. “Discussions for the review will continue in the next few weeks, with the aim of bringing the review for approval to the Fund’s Executive Board in late 2010 or early 2011.”