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The International Monetary Fund (IMF) appreciates the stable condition of the Polish economy
( 16 / April / 2009 )
Jacek Rostowski, the finance minister informed that the Polish Government is to apply for IMF's Flexible Credit Line and thus wants to become a member of the prestigious “Platinum Club” which gathers strong economies.
Thanks to the Flexible Credit Line (FCL) the reserves of the National Bank of Poland will increase by 20 bln USD. Joining the mechanism will defend Poland against uncontrolled depreciation of the zloty and generally against effects of the global crisis. - I may confirm that during the talks with IMF it was clear that Poland continues to be perceived as a pillar of the stable situation in the region - said Rostowish at a press conference.
Minister Rostowski informed also that the mechanism does not form part of a support scheme of the IMF and the resources will not be available for the Polish budget as they will constitute part of international reserves available for the National Bank of Poland (NBP). Rostowski emphasised the positive and regulatory influence the FCL access may exert on the Polish finance system. It is not only about restricting the uncontrolled depreciation of the zloty but also about considerable improvement of the availability of debt financing for the state treasury.
The so called “Platinum Club” admits only countries with a very strong track record of viable economic policy and those which give confidence that their economic policies will remain strong in the future. Poland will be the second country - after Mexico - to apply for the International Monetary Fund's (IMF) new instrument available for financially viable countries. Rostowski stressed that the accession results from a cautious and responsible economic policy conducted by the Government before and in the era of global crisis.
Also the Prime Minister Tusk emphasised that the FCL is one of the effects the consistent economic policy of the Government which has recently been reflected not only in high world ranking positions but also in the positive opinions provided by experts. Consistent financial policies may attract further considerable financial means which IMF wants to distribute among the most developed and promising from among the emerging markets, like Poland.
Source: Government Information Centre