IMF cuts credit line for Poland to $17.9 bln

The International Monetary Fund said on Wednesday night that it has cut the Flexible Credit Line (FCL) available for Poland to $17.9 billion from $21.4 billion, as requested by the East European country, Reuters reported. "The FCL arrangement reinforces Poland's buffers against external risks. The lower access is appropriate in light of somewhat lower risks and the improvement in Poland's fundamentals," the IMF said in a statement. "The authorities intend to continue to treat the arrangement as precautionary and to gradually exit from the FCL once external risks recede," it also said. Minister of Finance Paweł Szałamacha said that the cut will bring in savings of PLN 42 million this year.