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Marek Belka: there were no reasons to change Poland’s credit rating

PKO BP bank

Former Prime Minister and former head of the National Bank of Poland, Marek Belka, said Saturday that the decision by the Fitch agency to maintain Poland’s rating was “not a surprise”. “The budget is in a good condition, and that is one of the most important things,” Belka said.

Speaking to journalists during a conference in London, Belka added that Poland is dealing with the “collapse of economic growth”, which could influence future revisions of the Polish rating.

“I do not know when a rebound will happen – probably sometime over the next year,” Belka said, adding that the influx of EU funds will accelerate economic growth over this period.

He added that a combined surplus of PLN 19 billion in the coffers of local governments towards the end of last year due to unspent EU funds could result in a “sensationally good budget outturn for 2016”.

On Friday, both Fitch and Moody’s – two of the world’s largest rating agencies – decided to maintain the Polish credit rating.


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