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Ruling Party Unveils Campaign Pledges, Vows To Boost Flagship Child Benefit Scheme

POLAND
  • Poland's ruling Law and Justice party unveiled its manifesto for the upcoming parliamentary election, vowing to increase social benefits, remove motorway tolls and expand the existing free prescriptions programme. If elected for the unprecedented third term, the party would raise the pay-outs from its flagship "500+" child benefit programme to PLN800/month from PLN500/month from 2024. The scheme has been crucial in allowing the party to return to power in 2015 and maintain its lead over the opposition. Earlier reports suggested that the monthly pay-outs could be increased to PLN700, while Business Insider reports that a long-term strategy document adopted by the Finance Ministery three weeks ago did not assume boosting spending on the programme. Government spokesman Piotr Muller said that "at the next government meeting, an agenda [of works on ruling party proposals" will be discussed, while the "draft bills will be adopted by the government and passed by the lower house still during this term." The prospect of looser fiscal policy poses a hawkish risk to the NBP rate outlook, with Polish FRA curve shifting higher this morning.
  • Presidential advisor Marcin Przydacz told RMF FM that Poland will "take diplomatic action" over the Russian cruise missile found in a forest near the city of Bydgoszcz. President Andrzej Duda will today discuss the matter with NATO Secretary General Jens Stoltenberg. Przydacz also said that the President has not received any requests for personal changes among Polish military commanders. Over the weekend, Duda watched a military drill alongside two army generals accused by the Defence Minister of failing to report the missile incident amid the ongoing blame game.
  • Final CPI figures for April will hit the wires at 09:00BST/10:00CEST. Flash readings showed that headline inflation decelerated more than forecast to +14.7% Y/Y from +16.0%, chiefly on the back of normalising food price dynamics. Later in the day, at 13:00BST/14:00CEST, we will get Poland's current account balance for March.
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