Poland receives new FCL facility from IMF

WARSAW, Jan. 21 (Xinhua) -- The Executive Board of the International Monetary Fund (IMF) approved Friday a new, two-year arrangement for Poland under the Flexible Credit Line (FCL) in an amount equivalent to 33.8 billion U.S. dollars.

According to the Finance Ministry's statement, Poland will continue to treat the FCL as a precautionary instrument and does not intend to draw funds made available to it under FCL.

The past FCL facilities available to Poland helped it secure access to open market financing and reduce the risk premium paid on it thus reducing the costs of foreign debt servicing.

IMF experts have positively assessed the to-date macroeconomic policies pursued by Poland. Poland's access to IMF's FCL facility is very important for the country's external economic stability, economic security of the state, protection of the zloty's value and support for Poland's credibility in international financial markets.

Poland first gained access to FCL funds in 2009 and then renewed the agreement with IMF, for the last time in January, 2011, when the FCL was granted for the sum of 30 billion U.S. dollars.

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