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IMF: Poland continues to meet FCL qualification criteria


The International Monetary Fund (IMF) on 20 January reaffirmed Poland’s qualification for the Flexible Credit Line (FCL) arrangement, having completed an interim review of the two-year facility. The arrangement was approved in January 2011 in a context of heightened external risks, and is worth $29.4bn or €22.7bn. (It was preceded by two similar FCL facilities awarded in 2009 and 2010).

In a statement, IMF said the Polish authorities intended to continue to treat the arrangement as precautionary. Nemat Shafik, Deputy Managing Director and Acting Chair, said the FCL arrangement for Poland "has played an important role in bolstering market confidence and has supported the authorities’ macroeconomic strategy", adding that "Poland’s rapid return to strong growth after the global crisis attests to Poland’s strong economic fundamentals, policy track record, and policy institutions". Ms. Shafik noted the Polish government’s commitment to fiscal reforms and sound monetary policy so as to buffer external shocks. In the view of the IMF, though risks to Poland’s outlook are predominantly on the downside due to the downturn in the rest of Europe, the country "retains ample policy space to contain the potential fallout from external shocks, supported by the FCL arrangement, and the authorities remain committed to maintain very strong policies."

The FCL is designed for stable countries with strong fundamentals, and offers access to credit with few strings attached.

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