Ukraine crisis hits Poland's economy

(Xinhua) Updated: 2014-03-04 08:35

WARSAW -- The situation in Ukraine is affecting the economy in Poland, Polish

central bank governor said on Monday.

"What is happening now east of Poland and generally in Europe ... does not help us to implement a secure and stable economic policy, which also includes the monetary policy. This means additional responsibility for the National Bank of Poland," Marek Belka said at a nomination ceremony of two NBP management board members.

Belka said he was "deeply convinced" that the international community would provide aid to Ukraine, and Poland's central bank would have its share in the bailout funds.

"We have provided the International Monetary Fund (IMF) with a bilateral loan which is still not used," Belka explained.

In 2013, Poland signed a deal with the IMF under which it offered the institution a 6.27-billion-PLN ($2.05 billion dollars) loan. Under the agreement, the loan is still regarded as part of Poland's official reserves.

Some of Ukraine's problems result from "a terrible economic policy in at least the past 10 years," according to Belka, adding the new authorities "have an opportunity to improve Ukraine's standing and first steps have already been taken."

The Ukrainian crisis "shows that it is worth investing in the European Union. Perhaps we should also look again at the issue of our eurozone membership," the NBP governor said.