Poland aims to cut deficit to 2.9% of GDP in 2028, government says
WARSAW, Oct 8 (Reuters) -Poland aims to rein in its budget deficit to below the European Union limit in 2028 followed by its debt to gross domestic product ratio in 2030, the government said on Tuesday, as it outlined its fiscal consolidation plan for 2025-2028.
The plan sets out a framework for exiting the bloc's excessive deficit procedure, which resumed this year after being suspended since the COVID pandemic. The procedure requires countries with budget shortfalls above 3% of gross domestic product to lay out steps to bring them back in check.
Poland expects its deficit to fall to 2.9% of GDP in 2028, from 5.7% in 2024.
Warsaw also sees general government debt rising above the EU's 60% of GDP limit in 2026 from 59.8% planned for 2025 and peaking at 61.3% in 2027 before falling below the threshold in 2030.
"We decided in this document, in this plan, to choose a four-year path. It is important for us to improve these parameters, primarily those related to the level of debt, as quickly as possible," Finance Minister Andrzej Domanski told a press briefing.
He said the aim was to bring the debt-to-GDP ratio below 60% "as quickly as possible" in order to limit the rise in debt servicing costs and curb the deficit.
"For us it is very important that this plan and the solutions adopted here do not limit economic growth dynamics, do not limit our investments," Domanski said.
Poland sees 3.1% economic growth in 2024 and 3.9% in 2025.
Domanski said the higher deficit was also due to Poland's growing defence spending, which Warsaw plans to increase to 4.7% of GDP in 2025 from 4.2% this year.
Domanski said that the four-year plan did not entail cuts to Poland's significant social outlays introduced under the previous government.
The current government was not backing down from any of its campaign promises, he said, including when asked about
doubling the personal income tax threshold to 60,000 zlotys ($15,294.03). But he said the 2025-2028 consolidation plan only took into account spending based on existing legislation.
The plan, which Warsaw expects the European Commission to give the green light around the end of the year, will then require approval from the EU Council, before coming into force. Poland will then lay out the specific measures it will employ to achieve its consolidation goals on an annual basis.
($1 = 3.9231 zlotys)
Reporting by Karol Badohal; Editing by Susan Fenton
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