Poland to curb next year's borrowing needs says PM

Tomasz Waszczuk/PAP

Next year, the government will borrow less than originally planned, Mateusz Morawiecki, the prime minister, has said.

The Polish government's cost of borrowing money has surged this year as bond yields have spiked, at one moment topping 9 percent, due to high inflation, the war in Ukraine and the government's vast social spending.

"Next year's borrowing needs of the state budget will be higher than this year's, but the already planned ones (for 2023 - PAP)... will be reduced by as much as possible through budget savings and individual talks with international bodies," the prime minister said.

Morawiecki also said that after a review, the government had identified potential savings of up to PLN 10-15 billion (EUR 2.13-3.19 billion).