The International Monetary Fund or IMF approved Wednesday a one-year credit line of US$20.6 billion for Poland, to help the country weather the economic crisis.
The lending agency said Poland was the second country after Mexico to be granted access under its new Flexible Credit Line. The scheme is offered to countries that show strong economic performance, with a record of timely and effective policy adjustments. However, Poland indicated that it would treat the credit as a 'precautionary' arrangement.
Paul Thomsen, IMF's mission chief for Poland said even though the country was hard hit by the economic crisis, it persevered to access international capital markets unlike its peers. Thomsen said the credit line would help protect the country's access to international credit markets, with the IMF providing strong endorsement of Poland's policies and assurance about the adequacy of reserves with the national bank to intervene in case the situation gets worse.
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