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World Bank to grant Poland $3.7B credit

May 19, 2009 at 12:15 PM
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WARSAW, Poland, May 19 (UPI) -- Poland will be borrowing $3.73 billion from World Bank to assist the country's social services, labor market and public finances, government officials said.

World Bank President Robert Zoellick and Polish Prime Minister Donald Tusk, accompanied by Polish banking and financial experts Monday considered the credit in detail, Polish Radio said Tuesday.

Polish government officials estimated a state budget deficit this year would reach 4.6 percent of the gross domestic product, well above the original projections, and Tusk and his ministers are to revise the budget in July.

Earlier this month, the International Monetary Fund granted a $20 billion credit to Poland to increase confidence in the country's economy and to protect the Polish zloty from speculative attacks amid the global economic crisis.

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