IMF officially approves extending period and value of Poland's FCL.

By bne IntelliNews January 24, 2011
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 19.17bn (about USD 30bn, or 1,400% of quota), the IMF and the finance ministries have announced in their respective press releases. In late December, 2010, the IMF's exdcutive board informally approved of Poland's motion, under which the amount available to Poland would rise - according to the then calculations - from around USD 21bn (1000% of quota) to around USD 29bn (1400% of quota), while its availability will be prolonged from one year to two years. The IMS now stresses that "the Polish authorities have stated that they intend to treat the arrangement as precautionary and do not intend to draw on the FCL". Poland signed the first accord on the FCL's extending in May, 2009, but has not drawn upon these resources since. tom

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