December 6, 2011 / 7:29 AM / in 6 years

UPDATE 1-Poland eyes PLN 8.2 bln in dividends in 2012 budget

(Adds details, debt levels)

WARSAW, Dec 6 (Reuters) - Poland’s 2012 draft budget assumes dividend revenue of 8.2 billion zlotys ($2.48 billion) versus 5.1 billion zlotys obtained by the state so far this year, the country’s leading Gazeta Wyborcza daily reporting on Tuesday, citing the document.

Poland aims to cut its general government deficit to below the European Union’s ceiling of 3 percent in 2012 from a target of 5.6 percent this year. The expected economic slowdown hence forces Warsaw to look for additional sources of income.

Poland owns significant stakes in companies such as Europe’s largest copper miner KGHM, utility PGE, gas monopolist PGNiG and bank PKO BP that usually provide the bulk of the state dividend income.

Prime Minister Donald Tusk said last week that Poland’s new 2012 budget forecasts economic growth at 2.5 percent -- down from 4 percent seen earlier -- adding, that the central budget deficit should not be higher than 35 billion zlotys.

The 2012 budget draft also sees total budget revenue at 293.8 billion zlotys and expenditure at 328.8 billion zlotys, Gazeta Wyborcza added.

The new debt management strategy that accompanies the 2012 budget draft sees public debt calculated according to the domestic methodology falling to 52.4 percent of GDP in 2012 from 53.7 seen this year, while the zloty is still seen strengthening to 4.00 versus the euro by the end of 2012, the daily added.

Poland’s centre-right government is expected to endorse the draft budget on Tuesday before sending it to the parliament for further approvals.

$1 = 3.3006 Polish zlotys Reporting by Marcin Goettig; Editing by Ramya Venugopal

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below