Breaking News-RTRS-IMF approves $2.1 billion loan for Iceland

WASHINGTON, Nov 19 (Reuters) - The International Monetary Fund said on Wednesday its board approved a $2.1 billion loan for Iceland to try to stabilize what the fund called a "banking crisis of extraordinary proportions."
The two-year stand-by arrangement is structured so that Iceland can immediately draw about $827 million, with the rest in eight installments of about $155 million, subject to quarterly reviews.