Polish president signs 2022 budget into law

Polish President Andrzej Duda has signed into law the country’s budget for 2022, which expects the economy to grow 4.6 percent, with inflation targeted at 3.3 percent, his aides said on Wednesday.

Polish President Andrzej Duda.

Photo: Grzegorz Jakubowski/KPRP

The president’s signature came after Polish lawmakers definitively approved the financial plan in a final vote last month.

❗️Prezydent @AndrzejDuda podpisał ustawę budżetową na rok 2022. https://t.co/8YqcxVQK7n

— Kancelaria Prezydenta (@prezydentpl) February 2, 2022

The budget deficit is expected to be no more than PLN 29.9 billion (EUR 6.58 billion, USD 7.45 billion) this year, and the target for the general government deficit is 2.9 percent of GDP, under the plan greenlighted by the head of state.

Government revenue is expected to total PLN 491.9 billion in 2022, with spending set at PLN 521.8 billion, state news agency PAP reported.

Finance Minister Tadeusz Kościński has said that the government's financial plan for 2022 is expected "provide further impetus for the development of the Polish economy" and help it get "back on the path of growth after the pandemic crisis."

The budget ensures full financing for the government’s key social assistance projects, including its flagship "500-plus" child benefit programme, officials have said.

Meanwhile, health spending is expected to increase to 5.75 percent of GDP, and defence spending is expected to stand at 2.2 percent of GDP this year.

(gs)

Source: PAP