IMF Managing Director Dominique Strauss-Kahn Welcomes Poland’s Interest in Precautionary Flexible Credit Line ArrangementPress Release No. 09/125
April 14, 2009
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), made the following statement today:
“I welcome the announcement by Prime Minister Donald Tusk that Poland is interested in a one-year precautionary arrangement under the IMF’s Flexible Credit Line (FCL) in the amount of SDR 13.7 billion (about US$20.5 billion) or 1000 percent of quota. I am very pleased by this positive response from Poland to the invitation I extended to strongly performing economies to use this new instrument to bolster international confidence.
“Poland has a sustained record of sound economic policies. Its economic fundamentals and policy framework are strong, and the Polish authorities have demonstrated a commitment to maintaining this solid record. I therefore intend to move ahead rapidly in seeking approval by the Fund's Executive Board of Poland's request for an FCL arrangement.”
The FCL is an instrument established earlier this year that is available to Fund member countries deemed to possess very strong fundamentals, policies, and track records of policy implementation (see Press Release No. 09/85). Access to an FCL arrangement is based on the requesting country having met these criteria, rather than on fulfilling ex-post performance criteria. With today’s announcement, Poland joins Mexico in expressing interest in an FCL arrangement.