P. M. BRIEFING : $500 Million Pledged for Poland
Industrial nations have finalized an emergency “bridge” loan for Poland of $500 million to help cushion the blow of a tough economic austerity program, the U.S. Treasury said today.
The United States, as announced by President Bush on Dec. 13, will provide $200 million of the money, which will tide Poland over until it receives a longer-term loan from the International Monetary Fund.
Final agreement on the bridge loan, of which about $225 million will be released initially, became possible after Poland signed a letter of intent with the IMF last weekend, spelling out what steps it would take in return for a $710-million loan.
IMF Managing Director Michel Camdessus called Poland’s economic program a courageous attempt to tackle tremendous challenges.
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