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I UNDERSTAND
English Section

President OKs plan to shield Poland from coronavirus

31.03.2020 22:03
Poland’s president on Tuesday signed into effect a massive relief and stimulus plan aiming to shore up the economy and shield the nation from the impact of an intensifying coronavirus outbreak.
Polish President Andrzej Duda.
Polish President Andrzej Duda.Photo: Igor Smirnow/KPRP

Andrzej Duda greenlighted the measure directly after it was approved by Poland’s parliament earlier in the day, an aide said on Tuesday evening.

Prime Minister Mateusz Morawiecki said earlier this month that his government’s “anti-crisis shield” would deliver a massive injection of funds from state coffers in order to protect jobs, help the country’s entrepreneurs and maintain the liquidity of companies.

Morawiecki has told reporters that the total value of his government’s anti-crisis package, which also seeks to guarantee the security of the country’s financial system, will come to PLN 212 billion (EUR 47 billion, USD 52 billion), an amount equivalent to around 10 percent of Poland’s GDP.

President Duda said this month that the proposed legislation would exempt many self-employed Poles and small firms from social security taxes for three months.

Duda said last week that the massive financial relief package was badly needed by Polish families and the country’s economy. He added that the package would offer relief to farmers by temporarily exempting them from social insurance contributions.

Overall, the stimulus package carries PLN 30 billion in funds for employee security programmes, PLN 73.2 billion for enterprise financing, PLN 7.5 billion for healthcare, PLN 70.3 billion to strengthen the financial system, and PLN 30 billion for public investment, public broadcaster Polish Radio’s IAR news agency has reported.

(gs/pk)

Source: PAP, IAR