IMF praises Poland

“Poland’s very strong economic policies in the decade prior to the global crisis contributed to very strong economic fundamentals. At the outset of the global crisis, Poland had limited macroeconomic imbalances: credit and domestic demand growth had remained relatively moderate, inflation was contained, current account and fiscal deficits had been restrained, and as a result public and external debt were at comfortable levels.

This performance owed much to a track record of sound policies. Poland’s commitment to the EU Stability and Growth Pact helped to lower the fiscal deficit and limit government debt. Comprehensive pension reforms helped to address the long-term challenges of an aging population. A determined anti-inflationary focus—in the context of an effective inflation targeting regime and a floating exchange rate policy—built confidence in monetary institutions and anchored inflation expectations. Finally, a strong financial supervisory framework fostered a well-capitalized banking system” wrote the International Monetary Fund in a decision granting it a new two-year arrangement (flexible credit line) in the amount of approx. USD 30 million.

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