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Poland gets €750m World Bank loan to support public finance reform


2012-06-20



The World Bank on 19 June approved a €750m Public Finance Development Policy Loan (DPL) for Poland, the first in a series of two DPLs to support the programme of public finance reforms undertaken by the Polish government.

The Bank’s officials said the decision recognised the government of Poland’s ambitious reform plans, not least in the difficult area of sustainable pensions. Xavier Devictor, World Bank Country Manager for Poland and the Baltic Countries, noted that “in a difficult environment, Poland’s economy continues to perform well and this new loan will support a set of reforms to further strengthen the country’s position”.

The DPL is supporting the following objectives: “consolidating public finances to ensure a steady decline of the fiscal deficit to stabilise and over the medium-term reduce public debt to maintain favourable access to financial markets; strengthening fiscal institutions through the introduction of fiscal rules to ingrain a prudent fiscal stance over the medium term; and advancing long-term fiscal reforms to secure the sustainability of social spending in view of Poland’s demographic challenge”.



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