"This is a very important moment for the Republic of Poland, but also a very important moment for the entire EU, because today, by putting this signature (on the bill - PAP), the entire process of ratifying the EU Council's decision on own resources, the decision that ends the process of establishing the multiannual financial framework for 2021-27, has been completed," Duda said during the ceremony at the Presidential Palace.
He added that the decision to increase own resources introduces into the system of EU law "something called an instrument for the reconstruction of the European Union".
"It will be an exceptional instrument, allowing the European Commission to borrow on capital markets around the world for the recovery of EU economies after all the problems caused by the economic crisis caused by the COVID-19 pandemic," Duda said.
Duda added that this is an extremely important instrument because it amounts to "an unimaginable amount of EUR 750 billion". He noted that Poland will be one of the largest beneficiaries of this plan.
The Sejm (lower house of parliament) passed a draft law on the ratification of the EU’s own resources on May 4, and the Senate approved it on Thursday.
Ratification of the decision by all EU member states is required in order for the bloc's multi-billion post-pandemic Recovery Fund to be activated to prop up European economies battered by the coronavirus crisis.
Poland submitted its draft of the National Recovery Plan, a national scheme of how to use the funds, to the European Commission on May 3.
All EU countries have to submit a plan if they want to gain access to the EU's multi-billion euro post-pandemic aid package.
Under the Recovery Fund, Poland could receive some EUR 58.1 billion in grants and loans, including over EUR 34 billion this year.(PAP)