March 26, 2020 / 4:40 PM / 13 days ago

Poland's BGK to issue $4 bln bonds as part of virus fight

WARSAW, March 26 (Reuters) - Poland’s state bank BGK will issue bonds worth around 16 billion zlotys ($3.9 billion) in 2020-2021 as part of a wider plan to combat the coronavirus impact on the economy, the government said in draft legislation published on Thursday.

The draft, which has been sent to the lower house of parliament, also said that the state will buy the bonds back in 2021-2025 spending around 2.5 billion zlotys a year in the first year and then around 3.7 billion zlotys annually.

Poland has closed borders, shut down schools and public places and told Poles to leave their homes only if absolutely necessary to prevent further spread of the virus, which has infected 1,120 Poles and killed 14.

The government also announced a package worth over 200 billion zlotys ($48 billion) to help the economy, while the central bank cut interest rates by 50 basis points earlier this month.

$1 = 4.1249 zlotys Reporting by Agnieszka Barteczko;Editing by Elaine Hardcastle

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