Europe - IMF to grant Poland €15b credit

Wed, Apr 15, 2009

The International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn, has promised to act quickly to process a €15.4b ($20.5b) credit line request from the Polish government.

Strauss-Kahn went on to say that Poland has a sustained record of sound economic policies, its economic fundamentals and policy framework are strong, and the Polish authorities have demonstrated a commitment to maintaining this solid record.

Polish prime minister Donald Tusk described the request for access to a new flexible credit line (FCL) as a "precautionary" measure.

The new IMF credit line aims to provide governments in developing countries with quick access to pre-approved credit lines without first having to meet typically stringent IMF policy goals.

Announcing the request, Polish finance minister Jacek Rostowski said the money would be used to boost by a third the national bank's central reserves.

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