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Government to Outline Spending Cuts With Bond Market Under Pressure

POLAND
  • The NBP are expected to hike rates by 25bps on Wednesday as a re-acceleration in inflation tilts the doves on the board toward the necessity of further gradual tightening. Full MNI preview including summary of sell-side views here: https://roar-assets-auto.rbl.ms/documents/20081/NB...
  • The government are set to cut investment programmes, with a presentation of the plans set for the coming two weeks, according to Polsat News. The report sees no cuts planned in areas of social spending or defence, but will be aimed at reducing government spending and working in favour of the deficit.
  • The piece is another sign that the government are becoming increasingly concerned over the fiscal balance and follows reports that the PiS are seeking alternative financing amid the run higher in bond yields over the past few months.
  • DGP Daily report the government are seeking to up their application for loans from the EU recovery fund in order to finance domestic energy projects on the condition that the overall plans are approved by the European Commission.
  • The PiS will be wary of polling conducted by Rzeczpospolita shows Poland sees the government at fault for the issues in obtaining EU recovery funds, rather than Brussels. 64% of respondents see the government as being at fault, versus just 17% who see the EU to blame.
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  • The NBP are expected to hike rates by 25bps on Wednesday as a re-acceleration in inflation tilts the doves on the board toward the necessity of further gradual tightening. Full MNI preview including summary of sell-side views here: https://roar-assets-auto.rbl.ms/documents/20081/NB...
  • The government are set to cut investment programmes, with a presentation of the plans set for the coming two weeks, according to Polsat News. The report sees no cuts planned in areas of social spending or defence, but will be aimed at reducing government spending and working in favour of the deficit.
  • The piece is another sign that the government are becoming increasingly concerned over the fiscal balance and follows reports that the PiS are seeking alternative financing amid the run higher in bond yields over the past few months.
  • DGP Daily report the government are seeking to up their application for loans from the EU recovery fund in order to finance domestic energy projects on the condition that the overall plans are approved by the European Commission.
  • The PiS will be wary of polling conducted by Rzeczpospolita shows Poland sees the government at fault for the issues in obtaining EU recovery funds, rather than Brussels. 64% of respondents see the government as being at fault, versus just 17% who see the EU to blame.