IMF grants Poland $30 billion flexible credit line

January 22, 2011 04:13

WASHINGTON — The International Monetary Fund approved on Friday a two-year flexible credit arrangement for Poland worth $30 billion, extending credit lines granted in 2009 and 2010.

The IMF board said the Polish government planned to use the line as a precaution with no intention to draw from it."Poland's macroeconomic performance was strong in the decade leading up to the global crisis, supported by sound economic policies," John Lipsky, the board's acting chairman, said in a prepared statement. He praised policies that led to low inflation and limited government deficits.

Also, Lipsky said, Poland's economy "gathered momentum in 2010" due largely to low interest rates and rising confidence in the economy.

"However, sizable downside risks remain," the statement said, "particularly from the possibility of further spillovers of financial turbulence in other parts of Europe."

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