Poland to wait with budget amendment until data are solid - FinMin

Radek Pietruszka/PAP

Poland will not be in a hurry to amend its 2020 budget as it is still unclear how big the deficit may need to be as the coronavirus epidemic keeps spreading, Finance Minister Tadeusz Koscinski told Polish Radio One on Tuesday.

The government would want to launch as many public investments as possible when the crisis ends, Koscinski said.

A budget amendment is necessary to provide adequate liquidity to the economy, but "today we don't know yet where we are in the crisis," he said, adding that the government "must be prepared for all eventualities."

For the time being, a recently-passed special law allows the prime minister to move spending within the budget to finance various anti-crisis activities and the government has a large margin to increase debt, the minister said.

"We're waiting as long as possible with this amendment so that we can work based on some sensible parameters," Koscinski said. "The better the parameters are, the better the budget will be," he added.

There is no chance for a no-deficit budget this year, contrary to the government's previous plans, the minister said.

The deficit may be necessary to rescue Polish companies and jobs as well as financing investments, Koscinski said.