IMF approves $30-bn credit line for Poland

The executive board of the International Monetary Fund (IMF) has approved a new flexible credit line (FCL) amounting SDR 19.2 billion (approximately $30 billion) for Poland amid growing concerns of the euro zone debt crisis spreading over to other European nations.

The new arrangement is a successor to the previous credit line approved in 2010. The Central European nation secured its first FCL in May 2009, with a successor arrangement in July 2010, the IMF said in a statement.

The Polish government said that it intends to treat the FCL as a precautionary measure and do not intend to draw on it.

Commenting on Poland's positive economic outlook, the IMF's first deputy managing director and acting chairman of the board John Lipsky said:

''Looking forward, economic growth is projected to remain solid and balanced. The authorities are committed to keep implementing economic policies that preserve macroeconomic stability.''

Nevertheless, the lender cautioned that sizeable downside risks remain, particularly of further spillovers of financial turbulence in other parts of Europe.