Poland: Warsaw (Puls Biznesu) – The programme of finance and ownership restructuring of the most important companies from state-owned railways group PKP provides for very high state subsidies.
For eighteen months, we have been preparing possible solutions. There was only one result. Railways need state intervention. Railways left alone will drag down the whole economy. The budget – I mean the state budget and regional budgets – should support railways each year with at least PLN 3.9 billion (EUR 990.6m) instead of PLN 2.7 billion today, Krzysztof Tchorzewski, the author of the programme and the MP of Law and Justice (PiS), a party which won in parliamentary elections two weeks ago, said.Experts believe that it is vital for PKP stability to get rid of its debts. And it should be made by the government the way it helped mines, steel plants and shipyards.The Treasury should take PLN 5.9 billion of PKP’s long-term debts in form of bonds and credits guaranteed by the state. Those debts are secured with shares in railway companies. The Treasury could acquire those assets in exchange for paying the debts. Then, it could regain big part of the funds in privatisation processes of those companies, Krzysztof Tchorzewski convinced.In his opinion, the privatisation of railway companies could bring PLN 7.9 billion.(PLN 1 = EUR 0.254)