Iceland is slowly emerging from a deep recession following the collapse of its main banks. In November 2008, it agreed a comprehensive programme (Stand-By Arrangement, SBA) with the IMF to overcome the economic problems left in the wake of the financial crisis. The strategy underlying the programme consists of putting Iceland on a path to restoring the financial sector to health, returning public finances to sustainability, preventing capital flight by capital controls, and rebuilding monetary policy credibility by stabilising inflation at low levels. So far Iceland has fulfilled the main conditions in each of its IMF SBA reviews, and the SBA is scheduled to conclude in August 2011.