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Poland becomes second country to tap IMF credit line

Poland becomes second country to tap IMF credit line

Yesterday, given a spate of bad economic data, I wondered which country would be the next to tap the IMF’s new flexible credit line.

Today, the answer: Poland.

The country has sought a precautionary $20.5 billion dollar loan, to help it meet large short-term financing needs. 

Poland hopes to adopt the euro currency in 2012; if taking the precautionary IMF loan demonstrates financial responsibility and helps keep the country’s fundamentals sound, it should not disrupt that process. 

Update: The head of the IMF indicates the organization will meet the request. "Its economic fundamentals and policy framework are strong, and the Polish authorities have demonstrated a commitment to maintaining this solid record," Dominique Strauss-Kahn said