Western plan to bail out Poland

Press, 27 February 1981, Page 6

Western plan to bail out Poland

NZPA-Reuter- Paris Officials from many of Poland’s creditor nations in the West yesterday recommended that their governments provide urgent short--term aid to help . Warsaw deal with its huge external debt£ ‘V i. •• ■■ ' A communique issued after a three-day meeting of 'the officials from 15 Western States, gave no figures for the recommended aid but said the group would meet again in early April. Western officials said Poland may need up to $lO,OOO million in 1981 from the

West in new loans and to cover repayment of interest and outstanding debts now due,

Current estimates are that Poland’s debts to Western countries and banks will rise to between $25 billion and $26 billion, by the end of this year. . . vl ' The communique said the Western creditor States noted that an arrangement was being worked out /between Poland and the commercial banks on debts not covered by government guarantees.