World Business

IMF board okays $20b credit line for Poland

(Agencies)
Updated: 2010-07-03 14:06

WASHINGTON - The International Monetary Fund said on Friday its board approved a $20.43 billion flexible credit line for Poland.

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The IMF said the credit line was precautionary, and Poland did not intend to draw from it. Poland's finance minister had said earlier on Friday that approval was imminent.

The IMF said Poland's economy was picking up and would likely continue to rise gradually.

"Nonetheless, sizeable downside risks remain, stemming from the still-fragile economic outlook in the euro area and the possibility of further spillovers from financial strains in other parts of Europe," John Lipsky, the IMF's first deputy managing director, said in a statement.