Friday, May 28, 2021

Poland Ratified EU Recovery Fund

 President Andrzej Duda signed the law on ratifying the “Own Resources Decision,” the legislative mechanism that allows for common EU borrowing to finance the bloc’s post-pandemic recovery fund, the President’s Chancellery announced on Friday. The act has been published in the Journal of Laws.

All EU member states’ ratification of this decision is necessary for the Reconstruction Fund to start distributing money.

As part of the package, the country will receive €23 billion of subsidies and €34 billion of loans. The sum is equivalent to almost two-thirds of Poland’s annual budget. 

Some politicians compare the Reconstruction Fund to the Marshall Plan.

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