Szczurek: Poland will phase out IMF credit line

Poland plans to gradually eliminate it flexible credit line from the International Monetary Fund, Finance Minister Mateusz Szczurek told Bloomberg in an interview. “We’ll slowly pull out of the FCL, which we currently treat as a substitute for foreign-exchange reserves,” Szczurek said. “It’s a cheap instrument, but it’s becoming less necessary.” Poland initially received the credit line, which is an instrument intended for strong economies, in May 2009. The facility was extended in January 2011. The country has never used the credit line.