Polish Govt Approves 2025 Budget With Record Defence Spending
Date
8/29/2024 3:45:14 AM
(MENAFN- IANS) Warsaw, Aug 29 (IANS) The Polish government has approved its 2025 budget, allocating nearly PLN 190 billion ($49.3 billion) for defence, a historic high.
The spending represents 4.7 per cent of Poland's gross domestic product (GDP) in 2025 with a robust increase in defence spending and key investments in infrastructure, Xinhua news agency reported.
During a press conference held on Wednesday, Polish Prime Minister Donald Tusk outlined the major aspects of the budget, highlighting the government's commitment to national defence and security.
The budget also includes provisions for a real increase in the minimum wage and the initiation of critical infrastructure projects, particularly in the energy and railway sectors.
In addition, the budget allocates PLN 222 billion ($57.6 billion) to healthcare, representing a significant increase from the previous year.
Polish Finance Minister Andrzej Domanski, who also spoke at the press conference, noted that the budget was formulated amid accelerating economic growth.
He projected a GDP growth rate of 3.1 per cent for 2024 and 3.9 per cent for 2025.
He further outlined expectations for increased public and private investments, along with a state budget deficit of PLN 289 billion ($74.9 billion) in 2025.
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