Poland to upgrade army using funding methods first deployed to fight COVID

FILE PHOTO: Polish armoured vehicles take part in the Polish National Army Day parade in Katowice, Poland August 15, 2019. Agencja Gazeta/Kamila Kotusz via REUTERS/File Photo

WARSAW (Reuters) - Poland will use a mode of financing employed to fight the economic consequences of COVID-19 to help fund a large increase in military spending, the defence minister said on Tuesday, as the government seeks to modernise and expand the armed forces.

Poland's government has used bonds issued by institutions such as the national development bank BGK or state fund PFR - but secured by the state - to finance much of its spending on helping the economy through the pandemic.