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.