Russia has submitted to the International Monetary Fund (IMF) proposal to further extend access to flexible lines of credit (flexible credit line – FCL) and asked, further lowering its height up to 6.5 billion SDR-s (9 billion), still in existence 13 billion SDR-s, it follows from unofficial information “Puls Biznesu”.
“Poland asked to limit the amount of part FCL in half and extending access to this tool for another term, says our source in the IMF,” – says the newspaper.
According to the “PB” in early December in Washington has included in the application signed by the Minister of Finance and Chairman of the national BANK about a new loan agreement, but in the amount of $ 9 billion (6.5 billion SDR).
“on Monday the issue was discussed at the informal meeting of the Executive Board of the IMF. A formal application must be made in mid-January, because then expire the current agreement with Poland”, – said the interlocutor of the journal.
In early 2016., at the request of Poland, the line FCL was reduced from 15.5 billion to SDR 13 billion SDR. Then Finance Minister Paul Szałamacha said that it means reducing the cost of servicing this line of 42 million rubles this year.
the FCL Instrument was imposed by the IMF on 24 March 2009. and extended on 30 August 2010. The FCL is available to countries with very good foundations and a good economic policy and history policy implementation and is particularly useful as a tool for crisis prevention. FCL is a renewable credit line, which can be approved within one or two years. A two-year agreement includes a review of qualifications after the first year. If the country will take advantage of the FCL, the repayment term lasts from three to five years. The first agreement for Poland in the issue of the FCL was approved on may 6, 2009.
Russia is a member of the IMF since 1986, with the sum udziałową in the amount of 1 million SDR 688,4 s (approx. 2 154,2 million euros).
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