FinMin says deputies take risk by lowering debt financing funds in 2001 budget

The Finance Ministry on Friday criticized members of the Sejm, calling them irresponsible for having stripped the 2001 national budget of crucial debt financing funds. Deputies on Thursday passed this year’s budget bill with several amendments, one of which diverted some zl.250 million from zl.22 billion in debt servicing funds to pay for politically more popular programs in this election year. Arkadiusz Kaminski, head of the Finance Ministry’s public debt department, told Reuters that „the budget’s reserves are about one billion zlotys less than last year ... I am surprised by the large risk that MPs took by cutting our financing costs.” He added that the budget would be tight if Poland failed to meet its privatization revenue target or if sell-off revenue did not arrive until late in the year. The 2001 budget, which now awaits the president’s signature, envisions zl.16.61 billion in domestic debt financing costs and roughly zl.5.1 billion for foreign debt financing. (Reuters; Prawo i Gospodarka, p.4) A.D.