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English Section

Polish president signs bill to aid borrowers hit by virus crisis

24.06.2020 07:45
Poland’s president has signed into law a bill to give special debt relief to borrowers and enable them to have their loan repayments suspended for up to three months amid the COVID-19 pandemic.
Polish President Andrzej Duda
Polish President Andrzej DudaPhoto: Igor Smirnow/KPRP

Andrzej Duda signed the legislation into effect after it was definitively approved by Poland’s parliament at the end of last week.

The measure includes an injection of around PLN 570 million (EUR 129 million, USD 146 million) in funds through the state-run Bank Gospodarstwa Krajowego (BGK) to support businesses by providing them with loan interest subsidies.

The new rules are designed to benefit businesses and individuals who have lost their jobs and sources of income due to the coronavirus, according to officials.

The legislation aims to protect companies, jobs, borrowers and local governments from the fallout of the coronavirus crisis, Poland’s PAP news agency has reported.

The measure, dubbed “Anti-Crisis Shield 4.0,” also includes provisions aiming to prevent hostile takeovers of Polish companies by foreign businesses based outside the European Union.

"Anti-Crisis Shield 4.0" is the latest part of the government’s extensive relief and stimulus package, which aims to shore up the economy and shield it from the impact of the coronavirus.

(gs/pk)

Source: PAP, businessinsider.com.pl