The World Bank has agreed to lend Poland $300 million to help finance the restructuring of its mining industry, a program that calls for 25,000 job cuts
Published:
22 November 2003 y., Saturday
The World Bank has agreed to lend Poland $300 million to help finance the restructuring of its mining industry, a program that calls for 25,000 job cuts, the economy ministry said Friday.
The plan by Prime Minister Leszek Miller's government is aimed at turning around an industry that lost 1 billion zlotys ($230 million) last year.
The government, which is trying to cut its budget deficit as Poland prepares to join the European Union next May, expects to cut spending on the industry -- which currently employs some 140,000 miners -- by at least 20 billion zlotys ($5.1 billion) by 2007.
The economy ministry said the government and the World Bank would sign the loan agreement in March 2004.
The first tranche of $200 million will be used to cover benefits for laid-off miners -- among them low-interest loans allowing them to retrain or set up their own businesses. The remaining $100 million will cover an environmental clean-up effort.
The Polish government is counting on EU funding to help cover the remaining cost of the restructuring drive -- estimated at 9.4 billion zlotys ($2.36 billion) between 2004 and 2006. The plans have sparked frequent and vocal protests by Polish miners.
On Monday, some 25,000 miners across the depressed southern region of Silesia staged a strike to protest the reform.
Šaltinis:
newsday.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Commission has decided to grant an extension of the deadline for the divestment of Fortis' corporate banking business, consisting of Hollandsche Bank Unie N.V. (HBU), two corporate client departments, 13 "Advieskantoren" and ABN AMRO's Dutch factoring activities to Deutsche Bank.
more »
MEPs will vote on an emergency plan to help the crisis-stricken sector dairy sector on Thursday after the Agriculture Committee approved the Commission's proposal on Monday evening in Strasbourg.
more »
The EBRD is boosting competition in the Montenegrin retail sector with a loan to expand the supermarket network of one of the leading retailers in the country.
more »
Redmond, Wash. — Oct. 16, 2009— On Oct. 19, Microsoft CEO Steve Ballmer heads to the sold-out Microsoft sharepoint Conference in Las Vegas where he will address more than 7,000 sharepoint customers, partners and developers.
more »
Proposals tabled for collaboration on sea surveillance, bigger EU role in global maritime affairs and sustainable fishing.
more »
$50 million financing package for agricultural commodities operator.
more »
Seeking to increase sheet-metal production volumes, Stansefabrikken decided to move all company’s production from Lillesand (Norway) to Stansefabrikken’s successfully operating factories in Lithuania.
more »
The European Economic and Social Committee (EESC) and the European Commission Representation in Finland jointly organise a conference in Helsinki on 22 and 23 October on "The Baltic Sea Region: the best place to work and do business".
more »
Why did economy rise drastically turn into painful decline and what price will every of us have to pay for that?
more »
The economies of central and eastern Europe are expected to contract by an average of 6.3 per cent in 2009 following steep output declines in the first half of the year.
more »