National debt climbs 8% yoy to around $50 billion

In April, the total debt of the state amounted to zł.408.7 billion, which is almost 8% higher than at the end of 2003. At the same time the level of indebtedness in T-bonds issued for the market decreased, while bonds designated for individuals increased. According to Przemysław Kwiecień, an economist with Bank Millennium, the data does not show the full picture of public finances. "It does not reveal where the gaps are and how money is swept under the carpet. It is only visible in the quarterly data concerning public debt," explained Kwiecień. He added that the condition of the budget is good, and in his opinion the deficit should be slightly lower than the projected zł.45.3 billion. (Parkiet, p. 8) M.M.