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BP sees no need for prolonging IMF's flexible credit line

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Date: 2010-03-08 12:31

Analyses of macroeconomic conditions of the Polish economy, its neighbours as well as the global outlook, as well as a significant rise of Poland's FX reserves, do not suggest any need for applying for access to the International Monetary Fund's (IMF) flexible credit line (FCL), the National Bank of Poland (NBP) has announced.


However, the central bank added that if the government saw the need for such a move, e.g. due to the fiscal situation, the NBP would be ready - after getting acquainted with the government's analyses - to support its plans. 

Earlier last week, deputy finance minister Dominik Radziwill said that Poland would seek to extend the FCL and would meet with the IMF's representatives this week to discuss the issue. 

Poland was granted a flexible credit line of USD 20.6bn by in May, 2009, but has not needed to use it yet.

lk/tom