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 and the International Monetary Fund only 0.09% of all IMF vote shares, or 4,683 votes to be exact. = History of IMF - Iceland relations = As of November 2018, Iceland has had 4 arrangements with the IMF. The borrowing arrangements Iceland has initiated with the IMF total 1,190% , in excess of its normal quota ( amounting to 18% of Iceland's total GDP in the year they were initiated ). This is the greatest amount the IMF has loaned a single country as a proportion of GDP. The conditionalities of Iceland's IMF programmes are based on terms as laid out in Iceland's Letter of