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Iceland and IMF agree on loan payment
Apr 9, 2010, 16:57 GMT
Reykjavik - Iceland and the International Monetary Fund (IMF) announced Friday that they had agreed on the terms of a 159- million-dollar loan payment to the North Atlantic country.
The government of Iceland said the payment hinged on a review by the board of the IMF scheduled for April 16.
Iceland has been hard hit by the global financial crisis, which in October 2008 sparked the collapse of three of its major banks and a rapid depreciation of its currency, the krona.
In the wake of the crisis, Iceland secured a 2.1-billion-dollar loan from the IMF.
That times remain tough in Iceland was driven home Friday when US fast food group Pizza Hut said it was closing two of its three restaurants there.
US fast food giant McDonald's in October closed all its three restaurants in the country. Franchise owner Jon Ogmundsson cited the high costs of importing products used to make the menu items.
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