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Finance Ministry Publishes 2024 Budget Draft

POLAND

The Finance Ministry published the 2024 budget draft on its website alongside a statement noting that it has been submitted to the Social Dialogue Council, a tripartite forum including representatives of the government, employers and employees.

  • Poland is looking to issue PLN160.7bn of PLN-denominated notes as well as PLN37.8bn of foreign bonds to finance its net borrowing needs. This means that net sales of local-currency bonds will increase by 155%, while foreign issuance will rise by 184%.
  • The government is planning to increase its reliance on bond sales to finance spending next year. The budget draft does not mention tapping cash reserves in 2024, while PLN64.3bn of cash reserves are set to be used this year.
  • The budget draft accounts for the inflow of funds from the National Reconstruction Plan, suggesting that the government expects to reach agreement with the EU over the release of frozen funds.
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