Poland quits IMF’s Flexible Credit Line

Poland’s Deputy PM Mateusz Morawiecki (Kancelaria Premiera, Public domain)

Czech companies expanding in India

Romania invests in programs reducing pollution

Poland

Poland’s Deputy Prime Minister and Finance Minister Mateusz Morawiecki has announced that Poland will quit the precautionary Flexible Credit Line provided by the International Monetary Fund (IMF).

The FCL was put in place in 2009 but – as reported – Poland “has never drawn on the funds”. Nevertheless, Morawiecki claims Poland does not need this tool, because the country’s economic situation improved, and the financial data, as well as currency reserves, are stable.

“I decided that we will end collaboration with IMF within this scope, that is we won’t need access to the [EUR8.24bn] credit line,” Morawiecki said.

The IMF Executive Board has approved the new 2-year EUR8.24bn FCL on January 13th, 2017. The first FCL arrangement was approved on May 6th, 2009. The next arrangements were approved in 2010, 2011, 2013 and 2015. Poland is a member of the IMF since 1986.

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Czech Republic

Business incubator helping Czech companies to expand on Indian market was created in Bangalore. The entity was set up by the Czech state-owned business promotion agency Czech Trade and the Association of Small and Mid-Sized Businesses and Self Employed.

As Radio Praha reports, the incubator will promote companies operating in engineering, aviation, healthcare, auto, environment and nanotechnology. Beznoska and Mediatrade (operating in the healthcare), Watersavers (environmental sector), Metaliko (engineering) and TATRA Trucks are companies already present there.

The Radio Praha informs that India with the market of 1.3 billion people, is a very prospective destination. As reported, over the last 4 years Czech exports to the country grew by 40 per cent (now reaching CZK15bn (EUR581m).

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Romania

Romania Insider reports, the country will allocate RON25m (EUR5.4m) and RON180m (EUR39m) in programs aimed at reducing air pollution. The first tranche would supplement the country’s Cash-for-Bangers (Rabla) program under which Romania’s government wants to encourage the drivers to change “their old, polluting cars with new ones”. Each person that would scrap an old car would get a RON6500 voucher. Some 3,800 vouchers will be issued.

The second program is called RO-LA and its goal is to reduce pollution “through the transport of self-propelled road vehicles on the railway”. Under the program, special train wagons will be introduced for the rail transport of the road vehicles.

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What’s up in indexes

BET (of Bucharest) increased from 7,997.22 index points Thursday, October 12th to 8,034.96 index points Friday, October 13th. It’s up 0.47 per cent d/d and up 17.15 per cent y/y.

BUX (of Budapest) increased from 38,772.08 index points Thursday, October 12th to 38,894.88 index points Friday, October 13th. It’s up 0.32 per cent d/d and up 38.30 per cent y/y.

CROBEX (of Zagreb) decreased from 1,863.29 index points Thursday, October 12th to 1,862.48 index points Friday, October 13th. It’s down 0.04 per cent and down 5.57 per cent y/y.

OMXR (of Riga) increased from 997.52 index points Thursday, October 12th to 1,019.94 index points Friday, October 13th. It’s up 2.25 per cent d/d and up 40.01 per cent y/y.

OMXT (of Tallinn) increased from 1,226.71 index points Thursday, October 12th to 1,241.59 index points Friday, October 13th. It’s up 1.21 per cent d/d and up 22.34 per cent y/y.

OMXV (of Vilnius) increased from 645.40 index points Thursday, October 12th to 647.63 index points Friday, October 13th. It’s up 0.35 per cent d/d and up 19.78 per cent y/y.

PX (of Prague) decreased from 1,054.88 index points Thursday, October 12th to 1,053.08 index points Friday, October 13th. It’s down 0.17 per cent d/d and up 18.77 per cent y/y.

SAX (of Bratislava) decreased from 322.35 index points Wednesday, October 11th to 319.94 index points Thursday, October 12th. It’s down 0.75 per cent d/d and up 2.20 per cent y/y.

SOFIX (of Sofia) increased from 668.31 index points Thursday, October 12th to 669.17 index points Friday, October 13th. It’s up 0.13 per cent d/d and up 31.12 per cent y/y.

UX (of Kyiv) increased from 1,211.90 index points Thursday, October 12th to 1,218.78 index points Friday, October 13th. It’s up 0.57 per cent d/d and up 44.87 per cent y/y.

WIG20 (of Warsaw) decreased from 2,537.69 index points Thursday, October 12th to 2,528.16 index points Friday, October 13th. It’s down 0.38 per cent d/d and up 46.34 per cent y/y.

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