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PLN 212 bln rescue plan for Poland

Rafał Ostrowski 20 March 2020

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

PLN 212 bln rescue plan for Poland
POLAND The Polish government has announced an economic stimulus package of PLN 212 bln to assist businesses and their employees during the Covid-19 crisis.
The package includes five components: employee subsidies, company finance, healthcare, provision, strengthening the financial system and a public investment programme.

If an employer is losing revenues or showing financial losses, the state will cover part of the cost of employee salaries. The government proposes to pay up to 40 pct of the national average salary provided the employer pays at least as much. This may mean salary reductions but people should remain in employment. The plan is also intended to cover the self-employed. If schools and other childcare centres remain closed after March 25th, state benefits could be extended to child carers where the children are under eight years of age.

Businesses are to receive state loan guarantees, financing for vehicle leasing for logistics companies and loans of up to PLN 5,000, to be supplied by State-controlled financial institutions. There is also the possibility of delaying social insurance payments and a return to Sunday trading, which has almost entirely been banned in 2020.

Healthcare provision – an additional PLN 7.5 bln in funding is to be made available for healthcare spending

The government proposes that it will work closely with the Polish Financial Supervisory Authority, to maintain liquidity. The competition authorities is also to invigilate the market to ensure that retailers do not take advantage of the crisis with price hikes.

Public investment the government is to increase public investment with a PLN 30 bln fund to be spent on infrastructure, schools and hospitals.

The government proposes to introduce the necessary legislation at the first opportunity. The Polish Parliament is currently scheduled to meet on March 25th.

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