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Poland Quits IMF Credit Line



Image by Sanskrit Bandit

Poland will quit a precautionary Flexible Credit Line (FCL) from the International Monetary Fund (IMF) worth $9.2 billion, the country’s Finance Ministry said on Saturday, reported Reuters.

“We are resigning from a $9.2 billion credit line from the IMF,” said Finance Minister Mateusz Morawiecki. “The Polish economy is in such a good situation that we can do it.”

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“I have taken the decision to quit the FCL after an analysis of tax data, macroeconomic parameters, assessment of our budget stability and currency reserves.”

Poland has been running a budget surplus recently. There has been a credit line set up at the IMF for the Eastern European country since the financial crisis but has never been used.

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In January of this year a Flexible Credit Line (FCL) with access in an amount equivalent to SDR 6.5 billion, worth about 8.2 billion euros at that time, was set up as a renewal.

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