Min. Szczurek: Poland more and more a safe haven against the … – Polish Press Agency

Min. Szczurek: Poland more and more a safe haven against the … – Polish Press Agency

12.10. Washington (PAP) – Various external threats do not translate into higher costs of financing Polish – said the min. Mateusz Szczurek, justifying a possible reduction in the credit line with the IMF. According to him, Poland has become a safe haven compared to other countries.

PAP Finance Minister confirmed that Poland is inclined to submission of an application to the International Monetary Fund (IMF) for a reduction of 25-33 per cent. Flexible Credit Line (FCL), but stressed that no final decision was made yet on this issue.

“With the execution of any further threat from the outside you can see that such things as, for example. Limiting the pace of quantitative easing in the United States, the crisis in Ukraine, if a slowdown in the euro zone is not impressed on our cost of funding and will not compromise financial sustainability. From this point of view, the current scale of the credit begins to seem unnecessary “- told PAP Szczurek in Washington, DC, where he takes part in the autumn session of the IMF and the World Bank.

Szczurek warned that if the situation in the world is change and will “stir the market, which will be translated on the profitability of our bonds, it can imagine no change in the size of the credit line.” “But at the moment our bond market quotations indicate a decreasing risk” – he added.

With regard to the concern expressed by the IMF of a recession in the euro zone, the minister pointed out that the impact of the recession just bond prices is positive because “the economic downturn causes expectations to keep interest rates at a low level.” “As long as you do not hit it in the stability of the financial system, it contributes to lower financing costs and the ease of obtaining it, than vice versa. And it is in this moment also on the Polish bond market” – he explained.

From Washington Inga Czerny (PAP)

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