Poland plans to implement a 212 billion zloty (52-billion-dollar) package aimed at countering the adverse economic consequences of the coronavirus epidemic, Prime Minister Mateusz Morawiecki said on Wednesday.

The package will consist of wage subsidies, loan guarantees and liquidity supporting measures for firms, as well as new health care and investment spending.

Poland wants to subsidise employee wages at distressed firms by up to 40 per cent of the average wage.

A benefit of 80 per cent of minimal wage is to be introduced for the self employed as well as a benefit for parents who need to take care of their children during school closures.

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Solutions for firms will include credit guarantees, micro-loans, leasing and liquidity-support measures provided by state special purpose bank BGK and the Polish Development Fund PFR, among others.

Poland also plans a 30-billion-zloty investment fund which will invest, independently of EU funds, in local roads, digitalisation, school modernisation, energy transformation and environment protection.

The country wants to implement a classic investment impulse at a time when private investments are expected to decline, Morawiecki explained.

Additionally, 7.5 billion zloty will be spent on supporting hospitals and buying medical equipment.

In recent days, top banks in Poland have introduced the possibility of suspending installment payments for firms and individuals, while the central bank cut interest rates to a record low level and vowed to support the liquidity of the sector.

The country’s social insurance board announced it will allow the postponement of premium payments for a period of three months for distressed firms.

Poland has so far recorded 246 cases of the novel coronavirus, including five fatalities.(dpa/NAN)

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