The executive board of the International Monetary Fund (IMF) has informally approved of Poland's motion to prolong the use of its flexible credit line. As a result, the amount available to Poland will rise 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 finance ministry has said in a communiqu. Raising the amount results from changes to the FCL's facility that are in place as of August, it added. At the same time, the ministry stresses that - as in the case of the previous two lines - it does not intend to use the available resources, but views them as a safeguard against external economic risks. In June, finance minister Jacek Rostowski said that Poland had applied for the FCL at 1000% of quota, which would stand - at the then FX rates - at around USD 20.1bn. Under the agreement between the ministry and the National Bank of Poland (NBP), the FCL's maintenance costs - at that time estimated at USD 60mn - would be covered by the finance ministry. ISB |
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