Poland asks IMF for new credit line of $20 billion

WARSAW: Poland's finance minister says the country has asked the International Monetary Fund to renew a flexible credit line of $20 billion dollars for his country.

Jacek Rostowski said Wednesday that Poland sees no need now for the funds. He described the one-year credit line as a security measure meant to bolster confidence in Poland amid fears about debt in southern Europe.

Poland was the only European Union member to avoid recession amid the global economic downturn, though its economy did slow down. Economists now predict that growth with speed up and that the country could see growth of up to 3 percent this year.

The previous IMF flexible credit line expired in May without Poland drawing any loans.