Practising what they Preach: Did the IMF and Iceland Exercise Good Governance in their Relations 2008-2011?

Abstract

Between September 2008 and August 2011, the International Monetary Fund (IMF) and Iceland were engaged in cooperation under a stand-by agreement involving a loan from the IMF to Iceland of over 2bn USD. The IMF is one of a number of major international institutions that has been increasing its emphasis on good governance over the past two decades, in particular, emphasising the need for improved governance in debtor countries. In this paper, the authors review the extent to which principles of good governance were exercised in the interaction between the IMF and Iceland within the context of the stand-by programme.

Keywords

• good governance
• human right
• Iceland
• ICESCR
• ICCPR
• IMF