PM vows to maintain financial discipline

Maciej Kulczyński/PAP

The Polish government will make sure that public finances are stable in 2023 and 2024 as the global crisis is spreading, Mateusz Morawiecki, the Polish prime minister, has pledged.

Morawiecki made the comment during a visit on Friday to a special economic zone in south-western Poland.

"We'll take care to maintain the stability of public finances in the difficult years of 2023 and 2024, to keep them adequately constrained," Morawiecki said.

According to the prime minister, investors are now scrutinising how countries behave "at the threshold of this, yet another... broad macroeconomic crisis."

"We know that we have to save," Morawiecki continued. "And money for investment will come from this saving, not from some huge spending that would occur somewhere in the future."

The opposition has frequently criticised the government for what it has called excessive spending, including state-sponsored mega-projects and an array of social programmes with no built-in income thresholds.

On October 21, Polish bond yields spiked to over 9 percent, a level not seen for more than 20 years, which prompted the state-run development bank to cancel a planned bond auction. Polish yields have since come down to 8.11 percent, but are still the fifth highest in Europe.