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
Iceland–United States relations to a number of the same international organizations, including the United Nations, the Organization for Security and Co-operation in Europe, Arctic Council, Organisation for Economic Co-operation and Development, International Monetary Fund, World Bank, and World Trade Organization. Only two U.S. presidents have visited Iceland whilst in office: Richard Nixon in 31 May-1 June 1973 and Ronald Reagan in 9–12 October 1986. President Richard Nixon was the first U.S. president to visit Iceland when he visited on 31 May - 1 June 1973. Reagan attended the Reykjavík Summit in 9–12 October 1986 with Soviet leader Mikhail Gorbachev. It was a highly