Vox
October 27, 2011
According to the IMF, Iceland has graduated from its Fund-supported programme with unqualified success. This column begs to differ.
Iceland has just become the first industrialised country to graduate from an IMF programme in over 30 years. The IMF claims the programme has been an unqualified success:
Iceland has successfully completed its Fund-supported programme. Key objectives have been met: public finances are on a sustainable path, the exchange rate has stabilised, and the financial sector has been restructured. Strong policy implementation has underpinned this success (IMF 2011).
This was the first time the Fund had mounted a rescue operation for one of the richest and most developed countries in the world, closely interlinked with the northern European economies. With the Fund’s expertise honed on crises in less-developed countries, there have been doubts about its ability to successfully execute the Icelandic programme.
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