Nov. 3 (Bloomberg) -- The International Monetary Fund’s board of directors reaffirmed Poland’s access to a $21.8 billion credit line granted in May to help the country weather the global recession.

“Poland is expected to avoid a recession this year and grow modestly next year,” the lender’s First Deputy Managing Director and Acting Chair John Lipsky said in an e-mailed statement yesterday in Washington. The country’s policies have “allowed the authorities to take measures to mitigate the economic slowdown and maintain macroeconomic stability.”

Poland, which has indicated it will continue treating the credit line as precautionary, will have access to the funds through May 5, 2010, Lipsky said. The IMF completed a six-month review of the arrangement.

The Washington-based IMF, which over the past year has helped shore economies from Pakistan to Hungary, this year approved similar “flexible credit lines” for Mexico and Colombia. The program is designed to give financial insurance to countries with sound economic fundamentals.

To contact the reporter on this story: Sandrine Rastello in Washington at srastello@bloomberg.net

Last Updated: November 2, 2009 19:03 EST