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President signs finance act amendment

PR dla Zagranicy
Peter Gentle 20.08.2013 08:50
President Komorowski has signed an amendment of the Public Finance Act allowing an increase to the budget deficit from 35 to 51 million zloty (12.5 billion euro).
Bronisław Komorowski. Photo: PAP/Tomasz WaszczukBronisław Komorowski. Photo: PAP/Tomasz WaszczukPAP

Bronislaw Komorowski: photo: PAP / Tomasz Waszczuk

The president's web site says Tuesday morning that, after consulting legal experts, “and taking into account social and economic costs President Bronislaw Komorowski has signed an amendment to the Public Finance Act”.

Earlier this month parliament passed the amendment to ease fiscal discipline, after a worse than expected economic slowdown reduced revenue forecasts.

Last Friday the finance ministry released data showing the government's budget deficit stood at 25.92 billion zlotys (6 billion euros) in the first seven months of the year, which means it has already reached 73 percent of the annual target in the first seven months of the year.

Former justice minister Jaroslaw Gowin – who is standing against PM Tusk for leadership of the ruling centre-right Civic Platform, abstained from the vote to increase the deficit, as did two other members of the party.

One of the rebel MPs, Jacek Zalek said that a vote to ease public finance discipline would set a precedent and threaten a “borrowing binge” by the government. (pg)

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