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World

Poland launches new COVID-19 economic aid worth about $10bn

  • During the first wave of the pandemic, Poland launched a programme of spending, loan guarantees and central bank liquidity measures worth more than 300 billion zlotys.
26 Nov 2020

WARSAW: Poland is introducing a programme to help its economy withstand the hit from the novel coronavirus pandemic worth about $9-10 billion, Prime Minister Mateusz Morawiecki said on Thursday, as it confronts a second wave of infections.

Emerging Europe's largest economy weathered the first wave of the coronavirus pandemic well, but after a strong recovery in the summer it looks set to slide back into recession in the fourth quarter as the second wave hits.

"Today it is necessary to save industries in the most difficult situation, and in 2021, to support entrepreneurs in terms of investment, economy and business, as well as employees," Morawiecki told a news conference.

Morawiecki said the programme would be worth 35 billion to 40 billion zlotys ($9.33 billion to $10.67 billion), with 3 billion zlotys in aid for micro firms, 5 billion zlotys for small firms and the remaining 24-27 billion zlotys going to medium and large firms.

During the first wave of the pandemic, Poland launched a programme of spending, loan guarantees and central bank liquidity measures worth more than 300 billion zlotys.

In early November, Morawiecki announced support worth 9-10 billion zlotys to help the economy survive the second wave of the pandemic.