Iceland and the International Monetary Fund set at positive 2-3 percent by 2010. Additionally Iceland determined that it would not support the losses of its pension funds and social service programmes in order not to take up additional obligations. One of the primary objectives of the Icelandic government in seeking an IMF programme was to stabilize the ISK and to set a path for its gradual appreciation. To stabilize short term pressures on the ISK the Central Bank of Iceland raised interest rates to 18% and prepared to back the krona with its foreign reserves, specifically for which Iceland asked for an IMF programme . The
New Iceland New Iceland New Iceland ( ) is the name of a region on Lake Winnipeg in the Canadian province Manitoba which was named for settlers from Iceland. It was settled in 1875. The first Icelandic emigrants to Canada were Mormons from the Westman Islands. The more general migration followed an offer from Lord Dufferin of land in Manitoba to establish what amounted to a "free state". Due to harsh environmental and economic conditions in Iceland, including the eruption of Mount Askja, some 20,000 Icelanders left their homeland between 1870 and 1915 - roughly a quarter of the population of Iceland.