IMF extends Poland's FCL for 2 years, ups it to USD 33.8bn.

By bne IntelliNews January 21, 2013
The executive board of the International Monetary Fund (IMF) has approved a successor two-year arrangement for Poland under the Flexible Credit Line (FCL) in an amount equivalent to SDR 22bn (about USD 33.8bn, or 1,303 percent of quota), according to IMF's statament. Polands current two-year FCL arrangement for SDR 19.2bn (about USD 30bn or 1400% of quota at the time of approval) ends in January of 2013. IMF notes that the Polish authorities have stated that they intend to treat the arrangement as precautionary and do not intend to draw on the FCL. IMF's First Deputy Managing Director David Lipton commented that Poland has very strong economic fundamentals and policy frameworks. However, the economy is feeling the effects of headwinds from the rest of Europe, and growth has slowed since early 2012. Poland is a member of IMF since 1986 and has a quota of SDR 1,688.40mn (about USD 2,594.28mn).

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