The head of the Polish Development Fund appeared on RMF FM for a morning briefing, offering a clear assessment of Poland’s public finances. Paweł Borys stated that the state of the country’s public finances remained solid and stable.
The message was delivered with a calm confidence. The public was reminded that the overall health of the economy is sound. Yes, there are signs of fatigue and areas where personal well-being could improve, but the macroeconomic picture is strong and resilient, according to Borys.
He emphasized that independent evaluations support this view. We rely on the work of global rating agencies that specialize in evaluating governmental credibility and fiscal credibility. Over the past six years, these agencies have maintained a favorable stance on Poland, consistently upgrading or affirming the country’s creditworthiness. They consider a range of outcomes, from positive to negative, with a stable outlook as a common reference point for assessment.
Borys also commented on the potential consequences of framing Poland’s finances as weak. He warned that rhetoric suggesting a dire fiscal state could have negative repercussions for investment, borrowing costs, and consumer confidence. In today’s landscape, such statements are frequent in political discourse, and they often reflect strategic messaging rather than objective indicators.
He argued that the current government has pursued a clear agenda, increasing social spending and boosting defense outlays. This shift has expanded the footprint of state expenditures—from a few tens of billions of złoty in earlier years to well over a hundred billion złoty annually. Given that tax cuts or new spending proposals must fit within a tight fiscal envelope, the room for maneuver is limited. He noted that if a political program promises sweeping expenditures, such as large-scale campaigns, reconciling those promises with the existing budget is a real challenge.
Beyond the near-term budgetary arithmetic, Borys highlighted structural investments that could position Poland for long-term competitiveness. He pointed to major infrastructure projects as critical components of national strategy. In particular, he underscored the need for significant energy system transformation through the development of nuclear capacity. The vision includes building at least two nuclear power plants to secure a stable, low-emission energy mix, alongside a modernization of transport infrastructure.
To him, projects like a modernized air and rail network, combined with a connected, efficient logistics backbone, are essential for sustaining growth in a global economy that increasingly relies on swift movement of people and goods. He drew a parallel with how strategic transportation hubs can anchor regional development, enabling smoother connections with international markets and reducing reliance on distant hubs. This is not only about convenience; it is about preserving Poland’s access to global supply chains and enabling businesses to compete more effectively on the world stage.
In his broader assessment, the transformation of the energy system and the modernization of transportation infrastructure are interwoven. A robust, modern framework for energy generation, combined with reliable logistics and transit options, underpins a vibrant business climate. He suggested that a well-structured investment program could yield dividends across several sectors, from manufacturing to services, and would support Poland’s position among leading European economies.
When asked about the promises of opposition parties, Borys echoed the same caution. He reiterated that the fiscal space available for tax relief or additional spending is limited. If a campaign hinges on broad expenditures, aligning those plans with the budget becomes a precarious balancing act. He asserted that there will need to be tough choices, and that any credible program must demonstrate how deficits will be avoided or kept within sustainable limits.
His assessment concluded with a pragmatic view: there is likely not room for a hundred billion złoty in new expenditures without risking an unsustainable deficit. He suggested that any future commitments will require careful prioritization, with a clear plan for revenue alignment and expenditure discipline. The emphasis remains on prudent fiscal management, anchored by credible evaluations from independent agencies and supported by strategic investments that can raise Poland’s long-run growth potential.
The conversation underscored a recurring theme in contemporary policy debates: the tension between expanding social protections, strengthening defense, and maintaining fiscal stability. The implication, according to Borys, is straightforward. To remain competitive in the first rank of economies, Poland must pursue transformative projects that upgrade energy and transport networks while maintaining budgetary discipline. Only through a balanced, transparent approach can Poland sustain growth, attract investment, and navigate the challenges of a complex global economy.