MinFin might present to the cabinet its initial budget draft budget

MinFin might present to the cabinet its initial budget draft budget

Today the government will deal with the assumptions to the next year budget. As according to the Finance Ministry cuts in the budget spending proposed by individual ministries are insufficient to curb the deficit to a safe level, the ministry might present to the cabinet its initial draft budget providing for drastic spending cuts, which if not implemented, would arguably increase the deficit to the astronomic level of PLN 88bn (USD 20.9bn, 11% of GDP). This draft was rejected by the Economic and Social Cabinet's Committees last week. Rafal Zagorny, Deputy Finance Minister, warned that it would simply be impossible to finance such a high deficit. According to the Finance Minister Jaroslaw Bauc financial markets have already accepted a deficit of PLN 35bn (USD 8.3bn) and every further billion is a risk Poland must avoid. In the meantime even Prime Minister Jerzy Buzek is not helpful, saying that he would do everything possible so that education is not affected by the planned spending cuts. The Finance Minister wanted the Education Ministry (MEN) to cut its 2002 spending by PLN 4bn (USD 930mn), while MEN has proposed reducing expenditures by only PLN 1bn (USD 238mn). The highest savings can be achieved by cutting families benefits, which total PLN 3.82bn (USD 904mn), by resignation from indexation of pensions and benefits (PLN 1.9bn or USD 452mn) or by liquidation of branch privileges (PLN 1bn or USD 238mn). kp,bb

Źródło: IntelliNews Daily

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