FinMin, EC's Rehn: Poland to present path of cutting deficit to below 3% of GDP.

By bne IntelliNews February 17, 2011
Poland is due to present a path of lowering its general government deficit to below the EU-required limit of 3.0% of GDP, Poland's finance minister Jacek Rostowski and European economic and monetary affairs commissioner Olli Rehn have announced in Warsaw. Rehn said that during his meetings with Rostowski and PM Donald Tusk he discussed modes of achieving the European Commision's requirement of slashing Poland's general government deficit to 3% by 2012. Rostowski stressed that the government's goal was to balance the public finance and to rapidly go below the 3.0% threshold in the general government deficit-to-GDP ratio, with the savings cap rule as the basis for these efforts. He reiterated that no tax hikes were planned to help achieve these goals. On the eve of his visit to Poland, Rehn said that there was no reason to prolong Poland's deadline for cutting its general government deficit to below 3.0% of GDP till 2013 from the currently binding 2012. In late January, deputy finance minister Dominik Radziwill said that, according to the ministry's new plans, the general government deficit would decline to 5.9% of GDP this year from 7.9% (maximally) in 2009. In 2012, the gap is to fall to 3.4% and to fall further (below the EU limit of 3.0% of GDP) to 1.9% in 2013. tom

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