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Poland says no thanks to $9.2bn credit line from IMF
Published time: 16 Oct, 2017 10:29
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The Old Town in Warsaw, Poland. © Kacper Pempel / Reuters
‘EU membership for Poland is rather like a teaser rate on a bad loan’
“I have taken the decision to quit the FCL after an analysis of tax data, macroeconomic parameters, assessment of our budget stability and currency reserves,” Morawiecki was cited as saying.
In January, the Executive Board of the IMF approved a two-year arrangement for Poland worth about €8.2 billion at that time.
The fund said the credit line would “provide valuable insurance against external shocks.”
“A possible growth slowdown and banking sector stress in the euro area could have significant spillovers via trade, financial, and confidence channels,” said the IMF.
The Flexible Credit Line has been in place for Poland to use at times of crisis since 2009, but the country has never drawn on the funds. Last year Poland asked the IMF to halve the value of the FCL.
https://www.rt.com/business/406827-poland-rejects-imf-cash/
Published time: 16 Oct, 2017 10:29
Get short URL
The Old Town in Warsaw, Poland. © Kacper Pempel / Reuters
‘EU membership for Poland is rather like a teaser rate on a bad loan’
“I have taken the decision to quit the FCL after an analysis of tax data, macroeconomic parameters, assessment of our budget stability and currency reserves,” Morawiecki was cited as saying.
In January, the Executive Board of the IMF approved a two-year arrangement for Poland worth about €8.2 billion at that time.
The fund said the credit line would “provide valuable insurance against external shocks.”
“A possible growth slowdown and banking sector stress in the euro area could have significant spillovers via trade, financial, and confidence channels,” said the IMF.
The Flexible Credit Line has been in place for Poland to use at times of crisis since 2009, but the country has never drawn on the funds. Last year Poland asked the IMF to halve the value of the FCL.
https://www.rt.com/business/406827-poland-rejects-imf-cash/