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Pekao See Chance For Lower-Than-Expected 2024 Budget Deficit

POLAND
  • Business Insider reported that Poland's budget deficit target for next year is PLN164.8bn (4.5% of GDP), with the government planning to increase spending on defence, social security and healthcare. Pekao commented that they see a chance for a better fiscal outcome next year, with a deficit of less than 4% of GDP, as "public expenditure was likely overestimated while interest-rate cuts may lower the cost of public debt servicing." They expect this year's budget deficit to be 4.2% of GDP.
  • The Finance Ministry said that the 2024 draft budget assumes a transfer of PLN6bn of the NBP's profit to the government. The central bank did not contribute to state revenue this year after recording a PLN17bn loss in 2022.
  • Prime Minister said that there is a chance that the procedural deadlock in the Constitutional Tribunal could be broken "in September, perhaps even in the first half of September." This could pave the way for a ruling on court reforms required by the European Commission to unlock funds earmarked for Poland.
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