By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > Brussels to release Poland’s first tranche of EU recovery funding
News

Brussels to release Poland’s first tranche of EU recovery funding

News Room
Last updated: 2023/11/21 at 2:15 PM
By News Room
Share
4 Min Read
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Brussels has backed the advance payment of €5.1bn to Poland under long-delayed EU pandemic recovery funds, ahead of the anticipated return to office of premier Donald Tusk in Warsaw.

The approval paves the way for the first payout since recovery funds were frozen in 2021 over rule of law concerns under Poland’s nationalist Law and Justice (PiS) government. But last month Tusk led a pro-European coalition to victory in parliamentary elections, pledging to restore the independence of judges and unblock his country’s share of EU funding once in office.

In total, Poland is expected to receive some €60bn of the EU’s recovery fund. The bulk of these grants and loans can only be released once Warsaw rolls back judicial reforms the European Commission has said have limited the independence of judges.

Those conditions do not apply to the tranche approved on Tuesday, which is part of a more recent package of emergency measures linked to energy and the green transition, in the context of additional costs prompted by the war in Ukraine.

EU commission vice-president Valdis Dombrovskis said requirements relating to “important aspects of independence of Poland’s judiciary and some other elements remain unchanged”. The regular tranches of EU funding would only be disbursed “once those super milestones will be fully and correctly implemented”, said Dombrovskis.

Tusk’s election victory was seen as pivotal to repositioning Poland in the EU. A former president of the European Council in 2014-2019, Tusk went to Brussels shortly after his win to convince EU officials to release the frozen funding swiftly. He said that “all methods, including non-standard ones, must be used to save the money that Poland deserves”.

Even though the advance payment is not expected to reach Poland until January — by which time Tusk is expected to be in office — PiS has sought to take credit for finally unlocking some EU money.

Grzegorz Puda, the outgoing minister for development funds, welcomed the decision and called it “the result of many months of work and very effective actions”.

In August, the Polish government changed its spending plan for the recovery funds — which is what the commission approved on Tuesday, allowing it to unblock the advance tranche of payment.

The pre-financing still needs to be approved by the other EU member states, which is likely to take place at the next finance ministers’ meeting in early December.

The commission said that the advance tranche would later be deducted from Poland’s future payment requests, which are tied to the judicial reforms.

Caretaker prime minister Mateusz Morawiecki is set to make one final attempt to form another PiS government in the coming days, but he has no obvious path to a parliamentary majority. Tusk, once granted his chance to get voted by parliament into office, can count on the support of 248 of the 460 legislators in the Sejm, the lower house of Poland’s parliament.

Read the full article here

News Room November 21, 2023 November 21, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
How Friedrich Merz’s EU summit plan on frozen Russian assets backfired

There was no plan B, they said. Until there had to be…

Netflix earnings: What investors need to know about the streaming giant’s Q3 miss

Watch full video on YouTube

Inside Amazon’s massive Anthropic data center, training AI without Nvidia

Watch full video on YouTube

Cannabis Investing In The Trump Era

Listen here or on the go via Apple Podcasts or Spotify Josh…

The argument Iranians have in private

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

- Advertisement -
Ad imageAd image

You Might Also Like

News

How Friedrich Merz’s EU summit plan on frozen Russian assets backfired

By News Room
News

Cannabis Investing In The Trump Era

By News Room
News

The argument Iranians have in private

By News Room
News

Carmakers sour on EU’s ‘disastrous’ petrol engine rule changes

By News Room
News

Elon Musk makes an unhelpful cameo in Warner Bros buyout

By News Room
News

US defence act passes in rebuke to Trump administration’s stance on Europe

By News Room
News

When business and democracy don’t mix

By News Room
News

Fei-Fei Li of World Labs: AI is incomplete without spatial intelligence

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?