IMF reduces Poland's credit line

The Ministry of Finance and the National Bank of Poland (Narodowy Bank Polski) have asked the IMF to reduce its flexible credit line (FCL) from $33.8 billion to $25 billion. The offer was initially accepted, according to Polish daily Puls Biznesu. The credit line is at Poland's disposal since 2009 and served as a lifeline. As Poland managed to avoid recession, the FCL was never tapped. Currently, the cost of borrowing under the flexible credit line amounts to $114 million annually.