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Reykjavik - Iceland's government said Friday it had asked for $2bn of support from the International Monetary Fund, the first Western country to do so since 1976.
A tentative agreement by the IMF to provide Iceland's government with $2.1bn in aid "aims to restore confidence" in the nation's troubled banking system, the IMF managing director said Friday.
Dominique Strauss-Kahn, managing director of the International Monetary Fund, confirmed a staff-level agreement on a two-year aid plan for Iceland to be presented to the IMF executive board for approval in early November.
Iceland would be able to use $833m immediately after board approval.
"Iceland has put together an ambitious economic program, which aims to restore confidence to the banking system, to stabilize the krona through strong macroeconomic policies, and to help the country achieve medium-term fiscal consolidation following the collapse of its banking system," Strauss-Kahn said in a statement.
"I believe these strong policies justify the high level of access to Fund resources ... and deserve the support of the international community."
- Sapa-AFP