国际英语新闻：Iceland's post-crisis economic stabilization underway: IMF

WASHINGTON, Nov. 14 (Xinhua) -- Iceland's post-crisis stabilization and financial sector restructuring were continuing, and economic growth is recovering, Julie Kozack, the International Monetary Fund (IMF) mission chief, said on Sunday.

Post-crisis economic stabilization was underway, supported by a steady implementation of program policies. Economic growth is expected to gather steam in 2011, but "the pick-up is likely to be slower than previously projected due to delays in investment projects," Kozack said after heading an IMF mission and visited Iceland from November 2-14 to hold discussions for the fourth review under the 2.1 billion U.S. dollars Stand-By Arrangement.

"Financial sector restructuring is continuing. Work is advancing on resolving the savings banks, strengthening the non- bank financial sector, and addressing bank balance sheet vulnerabilities," she said.

The Executive Board of the Washington-based IMF in November 2008 approved a two-year SDR 1.4 billion (about 2.1 billion U.S. dollars) Stand-By Arrangement for Iceland to support the country's program to restore confidence and stabilize the economy, as the country was in the midst of a banking crisis.

The IMF-supported program was aimed at containing the negative impact of the crisis on the economy by restoring confidence and stabilizing the exchange rate, and promoting a viable domestic banking sector and safeguarding the international financial system.