On behalf of our Polish authorities, we thank staff for fruitful discussions held in Warsaw and for a candid report recommending the completion of the review under the Flexible Credit Line (FCL) Arrangement. The current FCL and its predecessors have served the Polish economy very well, effectively complementing the country’s strong macroeconomic fundamentals and sound policies. During the last few years of heightened risks in Poland’s external environment, the FCL has provided continued insurance against adverse exogenous shocks and helped support investors’ confidence. Our authorities reaffirm their intention to treat the instrument as precautionary. Furthermore, the ongoing accumulation of policy buffers supported by the FCL will help taking steps towards an exit from the arrangement as soon as external conditions allow.