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Poland to throw firms multi-billion lifeline amid epidemic

MNB

Photo by Kamila Koziol/Shutterstock.com

Poland’s prime minister has unveiled plans to throw a lifeline worth at least PLN 100 billion (EUR 22 bln) to businesses hit by the coronavirus epidemic, Polish Radio and Reuters have reported.

Poland’s Prime Minister Mateusz Morawiecki. Photo by Kamila Koziol/Shutterstock.com

Mateusz Morawiecki said the “financial shield” aimed to help companies maintain jobs and prevent mass bankruptcies. The aid package is worth the equivalent of 4.5% of Poland’s gross domestic product (GDP), state news agency PAP reported. The government estimated the aid package could help around 670,000 businesses, PAP said.

Morawiecki told reporters that the total value of his government’s “anti-crisis shield”, which also seeks to guarantee the security of the country’s financial system, will come to PLN 212 bln (EUR 47 bln).

The Polish state fund PFR will issue bonds worth PLN 100 bln in total to finance a scheme to help firms plunged into crisis by the coronavirus outbreak, its chief executive Pawel Borys said last week.

Poland’s central bank has already announced it will buy PFR-issued bonds from commercial banks.

According to the latest figures from Johns Hopkins University (as at 8 p.m. on April 13), a total of 6,934 cases of COVID-19 have been confirmed in Poland, with 245 deaths.

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