Iceland gets $3.2bn loan from IMF THE International Monetary Fund announced its executive board approved a loan of $US2.1 billion ($3.2 billion) for Iceland, which has been reeling from the global financial crisis. The two-year loan, accompanied by quarterly reviews, was designed "to support the country's program to restore confidence and stabilise the economy," the IMF said. It was the first time a country in Western Europe had secured a loan from the IMF since Britain in 1976.