Government assumes high growth in mid-term financial strategy

In accordance with earlier expectations, the government yesterday passed a mid-term strategy for public finances, the main aim of which is to save the country from a financial crisis, as well as to introduce the Euro in 2008. During a press conference Finance Minister Andrzej Raczko announced that the government will accept the budget bill for 2004 during its session on Saturday, adding that there is no way to lower the budget deficit below the earlier stated amount. The mid-term strategy contains assumptions concerning economic growth and a path to start cutting the budget deficit, which will lead to the fulfillment of the Maastrich Treaty. The budget deficit will amount to zł. 45.5 billion next year, as compared to zł. 38.7 billion in 2003. It is expected to enter a downward path which will lead to a budget deficit zł. 28 billion in 2007. The strategy also envisages economic growth of 5.8% in 2004 and 2005, and 6.8% in the following two years. (Rzeczpospolita, p. B1; Parkiet, p. 1) A.K.