Finance Ministry reveals its scheme to raise money from bonds in 2004

The Finance Ministry has announced plans to raise between zł. 26-35 billion in the first quarter of 2004 by issuing T-bonds on the domestic market. According to a project presented by the Finance Ministry yesterday, which deals with the issue of raising money for the budget, the ministry plans to borrow more money abroad, while simultaneously issuing more short-term bonds on the home market. This decision was a result of the improving profitability of five and ten-year bonds, which rose by two percentage points over the past six months. At the same time, the difference between the profitability of domestic bonds and those of the Euro zone increased significantly. In June 2003, the difference between Polish and German five-year bonds amounted to around two percentage points, while currently it is twice as much. The plans of the Finance Ministry also envisage raising between EUR 4-5 billion in the first quarter through issuing bonds, taking credits and loans abroad. For the whole of 2003, foreign issues had a total value of $4.6 billion. (Parkiet, p. 1) A.K.