Cash will increase bank reserves and help make Poland 'immune to the economic virus'

The Polish government will ask the International Monetary Fund for a $20bn (£13.44bn) credit line in a bid to help it cope in the economic downturn.

Palace of Culture and Science, Warsaw
Credit: Free sample

Finance minister Jacek Rostowski said the cash injection would increase bank reserves and help make Poland “immune to the virus of the crisis and speculative attacks”.

He added that the funds would be a “supplementary reserve” for the Polish central bank, rather than “emergency funding”.

In early April it was decided at the G20 meeting that the IMF’s lending resources would be boosted by up to $750bn.

Poland is the second country to take advantage of the IMF’s flexible credit line, following in the footsteps of Mexico. The credit line was established in order to let better-run economies gain access to money with less conditions attached.

It is hoped the announcement will lead to more stability for the Polish currency, the zloty.

A stimulus plan worth $31.4bn was recently adopted by the Polish government to kick-start the economy in the global downturn.