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POLAND: Cabinet Meeting Eyed, Finance Ministry Holds Bond Auction

POLAND
  • Prime Minister Donald Tusk declared that he would make certain decisions "with a full awareness of risk" and not all of them will meet the rule of law criteria "from the point of view of purists," as the previous government destroyed the legal system making it hard to draw unambiguous interpretations of the law. This comes after Tusk controversially withdrew his countersignature from a nomination of several judges to one of the top judicial bodies after doubts about their eligibility to serve surfaced - something that many legal experts claim he did not have the right to do.
  • The Cabinet holds its first meeting after the summer holidays and will discuss the indexation of pensions as well as some proposed tax changes. Rzeczpospolita reported that ministers may also discuss the "0% Mortgage" scheme amid an ongoing deadlock in talks between ruling coalition partners.
  • Fitch raised its forecast for Poland's GDP growth to +3.0% Y/Y from +2.8% in 2024 and to +3.6% Y/Y from +3.4% in 2025 citing looser fiscal policy, a higher general government deficit target and a better Q2 GDP outturn. They said that the NBP will likely lower its reference rate by a total of 50bp in 2H2025.
  • The Finance Ministry will offer PLN6bn-8bn of OK0127, DS0727, PS0729, WZ0330, DS1034 and IZ0836 bonds at an auction today. The auction's size was raised from PLN4bn-8bn envisaged in the preliminary monthly issuance schedule.
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