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
One of the biggest Finnish introducing broker companies Finnprinters, connecting customers and printing houses, has started joint business projects with Lithuania’s 2 printing houses.
more »
Statistics Lithuania informs that, based on the Labour Force Survey (LFS) data, the unemployment rate in I quarter 2009 reached 11.9 per cent, i.e. was close to the level of the year 2004. Over a quarter, the unemployment rate grew 1.5 times, over a year – 2.4 times.
more »
Lithuania’s Acting Minister of Foreign Affairs Vygaudas Ušackas discussed ways of accelerating the implementation of Rail Baltica in the current economic environment and attracting foreign investments for the implementation of this project.
more »
Proposals for transparency and monitoring to keep gas flowing to the EU.
more »
On a day in which G8 leaders in Italy said the world economy still faces "significant risks," a top White House official said the Obama administration is not discussing a second stimulus plan.
more »
EU proposes microfinance facility to encourage the unemployed to start their own businesses.
more »
For those of you who like your fruit and vegetables to look as crooked, knobbly and curvy as possible 1 July was a good day.
more »
Walt Disney will invest almost half a billion U.S. dollars into its Hong Kong Disneyland, to bolster the park's prospects against a planned rival in Shanghai.
more »
On 26 June 2009 Securities Commission (SC) approved the merge of investment funds controlled by UAB SNORAS Asset Management with SNORAS Global Equity Funds of Funds (SGEFF) by joining JT Baltic Equity Fund I.
more »
Taking into account changes on international and domestic money markets AB DnB NORD Bankas, a member of international financial group, has changed time deposit rates for individual customers.
more »