Poland renews credit line agreement with IMF

IMF Managing Director Christine Lagarde giving her first press briefing of the year at the IMF Headquarters in Washington DC, USA, 17 January: photo - EPA/STEPHEN JAFFE

"Fund experts positively evaluated existing Polish macroeconomic policies as a condition for access to the FCL. [The fund] will strengthen the capacity of the Polish authorities to act in the event of a deterioration on international financial markets," says the Finance Ministry statement.

The IMF says the the Flexible Credit Line (FCL) is designed “to meet the increased demand for crisis-prevention and crisis-mitigation lending from countries with very strong policy frameworks and track records in economic performance.”

To date, three countries, Poland, Mexico and Colombia, have accessed the FCl, though all three countries have not, as yet, felt the need to access the fund.

The Finance Ministry says that it “does not intend to use the funds allocated” and that this is merely “a preventative measure”.

In May 2009, the IMF approved Poland a one-year agreement under the FCL, and the agreement was renewed on 2 July 2, 2010. (pg)