Poland has requested a new arrangement under the IMF’s Flexible Credit Line
Yesterday on Tuesday, 15 June 2010, Jacek Rostowski, Minister of Finance and Marek Belka, President of the National Bank of Poland signed a request to the International Monetary Fund for a new arrangement under the Flexible Credit Line. This is the first joint decision of the Minister of Finance and the new NBP President.
The Flexible Credit Line is a financial instrument that proved extremely useful in the past year and helped Poland’s economy effectively counteract the economic crisis. Poland is the only EU country to have avoided recession in 2009, and, according to forecasts for the current year, will remain among the most dynamically growing EU economies.
However, in view of further potential fluctuations in global financial markets, Minister Jacek Rostowski and NBP President Marek Belka have decided that with a view to sustaining the stability and growth of Poland’s economy it will be beneficial to request that the IMF approve a Flexible Credit Line arrangement for Poland in the amount of SDR 13.69 billion (1000 percent of quota) covering a period of 12 months.
Request to the International Monetary Fund for a new arrangement under the Flexible Credit Line