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The International Monetary Fund's executive board reaffirmed Poland's qualification to access US$21.76 billion under the Flexible Credit Line scheme, after it completed its six-month review of the country's qualification on Monday. However, the board said it continues to treat the arrangement as precautionary. The one-year FCL arrangement with Poland was approved on May 6, the lender noted.
"Poland is expected to avoid a recession this year and grow modestly next year", John Lipsky, First Deputy Managing Director and Acting Chair of the IMF said in a statement. "Poland's very strong policy framework, which underpins its qualification for the FCL, has allowed the authorities to take measures to mitigate the economic slowdown and maintain macroeconomic stability", he pointed out.
Poland continues to meet the qualification criteria for the FCL, Lipsky said. Accordingly, resources under the FCL-which the authorities have indicated that they intend to continue to treat as precautionary-will remain available as envisaged through May 5, 2010, he added.
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