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Iceland has made considerable progress under an economic program supported by the Stand-By Arrangement (SBA). Successful implementation of fiscal adjustment, effective use of capital controls, and financial sector restructuring have underpinned the recovery. Executive Directors emphasized that Iceland should continue to build up its stock of international reserves. They welcomed the new framework for corporate debt restructuring, passage of the 2011 budget, and the agreement on Icesave dispute. The IMF Board appreciated efforts in achieving program targets and granted a waiver for maintaining

Cover -- CONTENTS -- EXPENDITURE POLICY IN ICELAND: MOVING BEYOND THE CRISIS -- A. Context -- B. Five Expenditure Pressure Points -- C. Conclusions -- FIGURES -- 1. Government Health Expenditure -- 2. Healthcare Expenditure -- 3. Education Expenditure -- 4. Comparative Performance of Iceland's Education System -- 5. Public Investment -- 6. Capital Stock -- 7. Disability Expenditure -- 8. Pensions -- TABLES -- 1. Subjective Assessment -- 2. General Health Information -- REFERENCES -- CAPITAL FLOWS AND MONETARY POLICY EFFECTIVENESS IN SMALL OPEN ECONOMIES -- A. Context

Cover Page -- Title Page -- Copyright Page -- Contents -- ANNEXES -- TABLES -- FIGURES -- BOXES -- BACKGROUND -- A. Context -- B. Recent Developments -- 1. Recent Developments in Demand and Labor -- 2. Price and Exchange Rate Developments -- 3. Monetary Policy Developments -- 4. Fiscal Policy Developments and Outlook -- 5. External Sector Developments and Outlook -- 6. Banking Sector Developments -- 7. Financial Sector Developments -- 8. Private Sector Deleveraging -- C. Outlook and Risks -- POLICY DISCUSSIONS: RETURNING TO NORMALCY -- A. Monetary and Exchange Rate Policy: A Difficult Juncture -- B. Fiscal Policy: Supporting Higher Potential Growth -- C. Financial Sector: Reinforcing Resilience -- D. Structural Reforms -- E. Capital Account Liberalization: A Renewed Push -- POST-PROGRAM MONITORING -- STAFF APPRAISAL -- 1. Iceland's Recovery: A Report Card -- 2. The Medium-Term Fiscal Strategy -- 1. Selected Economic Indicators, 2011-16 -- 2. Money and Banking, 2011-16 -- 3. Medium-Term Projections, 2013-20 -- 4. Balance of Payments, 2011-20 -- 5. General Government Operations, 2011-20 -- 6. Financial Soundness Indicators, 2012-14 -- 7. Indicators of Fund Credit, 2008-16 -- I. Risk Assessment Matrix -- II. Authorities' Responses to 2013 IMF Article IV Consultation Recommendations -- III. Debt Sustainability Analyses -- Footnotes -- Iceland: 2014 Article IV Consultation and Fifth Post-Program Monitoring Discussions-Staff Report -- Press Release -- and Statement by the Executive Director for Iceland -- Iceland: Staff Report for the 2014 Article IV Consultation and Fifth Post-Program Monitoring Discussions-Informational Annex -- IMF Executive Board Concludes 2014 Article IV Consultation and Fifth Post-Program Monitoring Discussion with Iceland

Provides an overview of politics in Iceland in 1999, highlighting election results & prominent issues. 3 Tables, 6 References.

Cover -- CONTENTS -- AT A GLANCE -- THE SETTING -- A. Recent Indicators -- B. Baseline Outlook -- C. Risks Around the Baseline -- MACROECONOMIC POLICIES -- A. Fiscal and Public Debt Management Policy -- B. Monetary, Exchange Rate, and Reserve Management Policy -- C. Macroprudential and Capital Flow Management Policy -- FINANCIAL SECTOR OVERSIGHT -- A. Financial Oversight Architecture Reform -- B. Strengthening the AML/CFT Framework -- STRUCTURAL REFORMS -- STAFF APPRAISAL -- BOXES -- 1. Revised Fiscal Policy Statement and Medium-Term Plan -- 2. External Sector Assessment -- TABLES -- 1. Selected Economic Indicators, 2015-24 -- 2. Money and Banking, 2015-24 -- 3. Financial Soundness Indicators, 2015Q4-19Q3 -- 4. General Government Operations, 2015-24 -- 5. General Government Financial Balance Sheet, 2015-24 -- 6. Balance of Payments, 2015-24 -- 7. International Investment Position, 2009-18 -- ANNEXES -- I. Responses to Past Policy Recommendations -- II. Risk Assessment Matrix -- III. Public Sector Debt Sustainability Analysis -- IV. External Debt Sustainability Analysis -- V. The Real Estate Market in Iceland -- VI. Foreign Reserves and the Build-up of Excess Structural Liquidity -- VII. Iceland's Financial Oversight Architecture Reform -- VIII. Strengthening Iceland's AML/CFT Framework -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Analyzes election results and cabinet changes in Iceland during 2004. Tables, References.

Provides an overview of politics in Iceland in 2000, highlighting election results & national issues. 1 Table, 3 References. Adapted from the source document.

Cover -- Contents -- AT A GLANCE -- THE SETTING -- A. Recent Indicators -- B. Baseline Outlook -- C. Risks Around the Baseline -- MACROECONOMIC POLICIES -- A. Fiscal Policy -- B. Monetary and Exchange Rate Policy -- C. Financial Stability Policy -- FINANCIAL SECTOR OVERSIGHT -- A. Banking Oversight and Resolution -- B. Pension Fund Oversight and Conduct Regulation -- STRUCTURAL REFORMS -- A. Wage Bargaining, Education, and Competitiveness -- B. Sustainability and the Environment -- STAFF APPRAISAL -- BOXES -- 1. External Sector Assessment -- 2. The Fiscal Strategy Plan vs. IMF Staff Projections -- 3. Iceland's Financial System Ten Years After the Crisis -- FIGURES -- 1. Tourism and the Króna -- 2. Growth -- 3. Labor -- 4. Rates -- 5. Housing and Credit -- 6. External Balances -- 7. Public Debt and Ratings -- 8. Bank Financials -- 9. IMF Staff Baseline Projections -- 10. Airfares and Fuel Costs -- 11. Exports -- 12. U.K. Links -- 13. Fiscal Impulse -- 14. Public Debt -- 15. Government Spending -- 16. Inflation -- 17. Monetary Policy -- 18. Ratings and Rates -- 19. Household Sector -- 20. Corporate Sector -- 21. Banking Sector -- 22. Flows and Yield Curves -- 23. Financial Account -- 24. Policy Rates -- 25. Bank Funding -- 26. Bank Capital Adequacy -- 27. System Structure -- 28. Asset Allocation -- 29. Pension Fund Lending -- 30. Competitiveness -- 31. Education -- 32. Tourism -- 33. Fishing and Overfishing -- TABLES -- 1. Selected Economic Indicators, 2014-23 -- 2. Money and Banking, 2014-23 -- 3. Financial Soundness Indicators, 2015-18 -- 4. General Government Operations, 2014-23 -- 5. General Government Financial Balance Sheet, 2014-23 -- 6. Balance of Payments, 2014-23 -- 7. International Investment Position, 2008-17 -- ANNEXES -- I. External Debt Sustainability Analysis -- II. Public Sector Debt Sustainability Analysis.

EXECUTIVE SUMMARYIceland's government, elected in 2013, is conducting a general review of its tax policy with a view toward making it more efficient and less distortionary.1 To this end, it has targeted VAT reform as a priority to become more reliant on consumption rather than income taxation. The narrow base and wide gap between the very high 25.5 percent main VAT rate and lower rate of 7 percent distort economic behavior and encourage tax arbitrage, evasion and lobbying.The efficiency of the Icelandic VAT is thus currently well below the European and OECD averages.To address this situation