THE INTERNATIONAL Monetary Fund (IMF) has promised to act quickly to process a $20.5 billion (€15.4 billion) credit line request from the Polish government.

Polish prime minister Donald Tusk described the request for access to a new “flexible credit line” (FCL) – the second application after Mexico – as a “precautionary” measure.

The new IMF credit line aims to provide governments in developing countries with quick access to pre-approved credit lines without first having to meet typically stringent IMF policy goals. Announcing the request, Polish finance minister Jacek Rostowski said the money would be used to boost by a third the national bank’s central reserves.

He said it would also protect the economy and help keep the currency, the zloty, “immune to the virus of the crisis and speculative attacks”.

Since reaching a record high last July, the Polish currency has lost almost a third of its value against the euro. Warsaw has already intervened in currency trading to stop what it calls “uncontrolled depreciation” of the zloty.

The zloty gained almost 2 per cent against the euro yesterday after news of the request was made public.

IMF managing director Dominique Strauss-Kahn promised a quick response to “bolster international confidence”.

“Poland has a sustained record of sound economic policies,” he said in a statement. “Its economic fundamentals and policy framework are strong and the Polish authorities have demonstrated a commitment to maintaining this solid record,” he said.

“I therefore intend to move ahead rapidly in seeking approval by the fund’s executive board of Poland’s request for an FCL arrangement.”

The governor of Poland’s national bank, Slawomir Skrzypek, called the credit line a “positive signal” to international investors. They have become nervous about Poland in recent months as neighbours Hungary and Ukraine joined Serbia, Romania and Latvia in seeking IMF assistance.

Economic data suggests that central Europe’s largest economy might yet buck the gloomy trend across the continent and post a modest economic gain this year.