Logo Polskiego Radia

Poland to reduce its IMF credit?

PR dla Zagranicy
John Beauchamp 11.10.2014 12:01
Poland’s Finance Minister Mateusz Szczurek has hinted that Poland’s Flexible Credit Line with the International Monetary Fund may be reduced by 25 percentage points to 33 percent.
photo - flickrphoto - flickr

Photo:
Photo: flickr/cc/money pictures

Speaking to the Bloomberg news agency in Washington DC, Friday, Szczurek said that a final decision on the matter will be taken in January next year.

Earlier, Poland’s finance minister had said that Poland had plans to turn to the IMF to reduce the Flexible Credit Line (FCL) in January, although the scale of the reduction was not made public.

The move comes as on 18 January 2013, the IMF extended Poland’s access to the FCL for two years at an amount of XDR 22 billion, the equivalent of around 33.7 billion US dollars.

According to Poland’s finance ministry, the FCL plays a large role in strengthening Poland’s external stability, and underpins Poland’s credibility on international financial markets.

Poland has not dug into the credit line set by the IMF in May 2009, with the Finance Ministry underlining that it treats it as a “precautionary instrument”. (jb)

Print
Copyright © Polskie Radio S.A About Us Contact Us