IMF expands Poland’s flexible credit line to $29bn

2010-12-23



The International Monetary Fund (IMF) on 22 December approved an expanded flexible credit facility for Poland, responding to the request of Polish authorities. The one-year, $21bn (approx. €16bn) flexible credit line (FCL) awarded to the country in May 2009 and subsequently renewed for another year, will be replaced with a two-year FCL arrangement worth $29bn (€22.1bn).
In a statement, the Ministry of Finance said that as with the two previous FCL facilities, it had no plans to use the new one, but treated it as an insurance against external risks.
John Lipsky, First Deputy Managing Director and acting Managing Director of the IMF, said that while growth in Poland was “projected to remain solid and balanced”, “uncertainties in the global environment have increased”, and that “the longer duration and higher access available under the reformed FCL can play an important role in continuing to support Poland’s policy strategy and in maintaining external confidence”.