General government deficit below 3 pct in 2022: IMF

After the expected increase to 4.7 percent this year, the Polish general government deficit will fall below the 3 percent threshold recommended by the EU by reaching 2.6 percent in 2022, the International Monetary Fund (IMF) reported.

In its “Fiscal Monitor” report published on Wednesday, the IMF said Poland's gross debt will reach 57.4 percent in 2021 and 56.1 percent in 2022.

“The data for Poland, when it comes to fiscal policy, as presented in the IMF’s ‘Fiscal Monitor’ report, showed the deficit falling below the threshold of 3 percent of GDP from next year and the debt-to-GDP ratio stabilising at 55 percent in coming years,” Tadeusz Kościński, the finance minister said commenting on the IMF report.

The minister recalled that Poland has launched multi-billion public aid programmes to support the economy strained by the coronavirus pandemic.

He added that the Ministry of Finance will present its forecasts in late April.

According to OECD, the general government deficit is the balance of income and expenditure of a given government, including capital income and capital expenditures.