World Bank to bolster Poland’s economic recovery with EUR700 million loan
August 29, 2014
WARSAW, August, 29, 2014 — Artur Radziwiłł, Undersecretary of State in the Ministry of Finance of the Republic of Poland, and Mamta Murthi, World Bank Country Director for Central Europe and the Baltic Countries, yesterday signed the first Resilience and Growth Development Policy Loan (DPL) of EUR700 million (US$966 million equivalent) for Poland.
First in a series of two operations, this loan is structured around three pillars:
- enhancing macroeconomic resilience by reducing the general government fiscal deficit and debt levels toward the medium-term objective and bolstering macro-prudential oversight;
- strengthening labor market flexibility and employment promotion; and
- improving private sector competitiveness and innovation.
“Over the recent years, Poland has done remarkably well with its reform plans. The World Bank is pleased to be able to further support the Government of Poland’s reforms aimed at strengthening public finances and macro prudential safeguards, sustaining economic growth, and facilitating job creation and innovation. We are also pleased to be able to maintain our partnership with the Government with accompanying technical assistance and advisory work. We look forward to further develop our partnership with Poland and to share Poland’s positive reform experience more broadly,” said Mamta Murthi, World Bank Country Director for Central Europe and the Baltic Countries, at the signing.
The policy actions supported under the DPL aim to boost economic growth and improve competitiveness in a fiscally neutral way by bolstering resilience of the financial sector, supporting investment activity, and improving the business climate and innovation. The DPL also supports greater labor market flexibility and support to the unemployed.
This new loan is yet another example of the excellent cooperation between Poland and the World Bank,” said Artur Radziwiłł, Undersecretary of State in the Ministry of Finance of the Republic of Poland at the signing ceremony. “We value over 20 years of the Bank’s technical advice and its analytical support to Poland’s key reform areas.”
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