Odpowiedzialny rozwój sektora finansów publicznych w Polsce

Abstract

Since 1970s, the sector of general government in Poland has been burdened with debt, which was rising at a particularly fast rate in the past decade. The cost of servicing the debt puts a significant burden on the current state and local government budgets. This makes the spending rules more difficult to comply with. The attempts to reduce the rate at which the debt has been increasing and to carry out fiscal consolidation of public finances have not been effective. In 2014, under the pressure of the EU Excessive Deficit Procedure that had been imposed on Poland in 2009, the national debt was partly reduced and a new fiscal framework was introduced. Those actions resulted in a temporary upturn in national finances, but a three-year perspective shows a probable further increase of the national debt (although at a lower rate). This may hamper and delay implementation of the national government's Plan for Responsible Development, because this program will require significant investments in the industrial sector of the national economy and realization of other government programs aimed at raising standards of living in Poland. 

Keywords

• public debt
• budget
• general government
• public finance
• fiscal rules