Poland's balanced budget calls for lower spending, higher revenue - PM

2019-11-21 14:28 update: 2019-11-24, 17:48
Polish PM Mateusz Morawiecki. Photo PAP/Paweł Supernak
Polish PM Mateusz Morawiecki. Photo PAP/Paweł Supernak
Poland will keep next year's budget balanced through a reduction in spending and an increase in revenues, Prime Minister Mateusz Morawiecki said after a government meeting on Thursday.

Among the savings that the government is going to make, Morawiecki named reducing bureaucracy and streamlining administration.

On the revenue side, the prime minister said the ruling camp's recent withdrawal from a hike in social insurance premiums for high-earners could produce a deficit of between 0.4 and 0.5 percent of GDP. Morawiecki said the loss "will have to be compensated for" in order to keep the budget balanced, a declaration the the ruling camp made in this autumn's parliamentary campaign.

The social insurance hike was supposed to provide PLN 7.1 bln (EUR 1.66 bln) to the state budget in 2020. (PAP)
jd/ej

Tags

All materials (especially agency messages, photographs, graphics and film material) placed on this Portal are protected under the Law on copyright and related rights of February 4, 1994 and the Law on the protection of databanks of July 27, 2001. The said materials may be used only under appropriate license agreements. Any usage of said materials by Portal users without a valid license agreement is forbidden with the exclusion of legally allowed exceptions (especially permitted personal usage).

Recent news