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Poland - Second Resilience and Growth Development Policy Loan Program (英语)

This second loan in a programmatic series of two development policy loans (DPL2) is structured around three pillars. These are: (i) enhancing macroeconomic resilience, by reducing the general government fiscal deficit and debt levels toward the Medium Term Objective (MTO) and bolstering macro-prudential oversight; (ii) strengthening labor market flexibility and employment promotion; and (iii) improving private sector competitiveness and innovation. The main objective of the operation is to support macroeconomic growth and resilience, leading to more dynamic job creation and shared prosperity. The DPL series is at the core of the Bank’s engagement in Poland, as described in the Country Partnership Strategy presented to the Board on July 15, 2013. The amount for the loan (DPL2) is EUR 912.7 million (approximately US$1 billion equivalent). To sustain the recovery the authorities prioritized reforms to strengthen public finances and financial sector oversight, supplemented by reforms aimed at bolstering the economy’s long-term competitiveness. Challenges remain to achieve sustainable growth: future growth is less likely to rely on relatively cheap labor, with a large share of exports to Germany as part of their export-led supply chains. The new macroeconomic framework is therefore designed to help Poland cope with future shocks, while strengthening labor markets (in terms of both flexibility and raising participation rates), the business environment and promoting innovation. These reforms are critical to ensure that the economy remains competitive as it seeks to increase productivity and diversify into new product markets. Continuing to bolster financial sector resilience will also support a more sustainable recovery in credit and investment and further reduce risks from such factors as the divergent monetary policy in the EU and US or from regional geopolitical instability.


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  • 文件名称

    Poland - Second Resilience and Growth Development Policy Loan Program

  • 关键词

    Macro Economics & Fiscal Management;capital requirement;Stability and Growth Pact;access to international capital markets;law;current account deficit;Financial Sector;active labor market program;female labor force participation;comprehensive tax policy reform;direct tax on income;Labor Market Flexibility;public debt;import of goods;fiscal consolidation effort;global financial crisis;private sector competitiveness;macroeconomic policy framework;child tax credit;government fiscal deficit;Macroeconomic Resilience;domestic demand;public finance;export of goods;social security contribution;corporate income tax;total external debt;Development Policy Loan;public sector wage;Job Creation;collaboration with partners;private sector flow;summary of risks;flexible labor market;direct investment inflow;consumer price index;taxes on production;public expenditure growth;share of export;exchange rate;pension fund asset;foreign currency risk;real interest rate;Exchange Rates;front end fee;barriers to employment;public debt stock;excessive deficit procedure;labor market reform;variable interest rate;long-term fiscal sustainability;framework for insolvency;primarily due;private sector credit;reduction in unemployment;financial market volatility;employment for woman;increase in consumption;errors and omission;exchange rate shock;transparent consultation process;external debt sustainability;source of financing;adjustable rate mortgage;portfolio equity investment;private consumption growth;tier 1 capital;combination of factor;Reducing Fiscal Deficit;global knowledge exchange;families with child;fiscal rule;expenditure rule;mortgage bank;Tax Compliance;external shock;employment promotion;standard deviation;monetary policy;government deficit;bond market;construction permit;tax avoidance;maturity mismatch;banking sector;debt level;unemployment rate;retirement age;Macroeconomic Growth;constitutional issue;pension system;credit growth;Banking Law;geopolitical tension;energy price;pillar pension;mortgage financing;fiscal stabilizer;adjustment mechanism;real wage;real gdp;governance framework;participation rate;short-term debt;Business Climate;fiscal space;parliamentary election;business environment;external imbalance;foreign investor;effective tax;budgetary policy;term contract;household income;draft law;investment program;