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I UNDERSTAND
English Section

Poland’s 2020 budget signed into law

31.03.2020 08:00
Polish President Andrzej Duda has signed into law the country’s budget for 2020.
Polish President Andrzej Duda
Polish President Andrzej DudaPhoto: president.pl

Based on targets adopted before the coronavirus crisis, the ambitious balanced budget expects the economy to grow 3.7 percent, with inflation targeted at 2.5 percent.

The president’s signature came after officials had already suggested the financial plan would have to be revised later this year due to the global viral epidemic.

Prime Minister Mateusz Morawiecki said last year that Poland’s 2020 budget would be the country’s first without a deficit since the fall of communism and the start of market reforms three decades ago.

Revenue and spending this year have both been set at PLN 435.3 billion (EUR 95.6 billion, USD 105 billion).

Morawiecki said in December that the budget was growth-oriented and ensured continued financing for his conservative government's key social assistance programmes.

The lower house of Poland’s parliament on Saturday approved a multibillion relief package proposed by the government in an effort to shield the nation from the impact of the coronavirus.

Morawiecki said this month that the government’s “Anti-Crisis Shield” would deliver a massive injection of funds from state coffers in order to protect jobs, help the country’s entrepreneurs and maintain the liquidity of businesses hit by the coronavirus.

Morawiecki told reporters that the total value of his government’s anti-crisis package, which also seeks to guarantee the security of the country’s financial system, would come to PLN 212 billion (EUR 47 billion, USD 52 billion).

(gs/pk)

Source: IAR