Poland successfully managed its integration into the European Union since joining in 2004, and during the 2008-09 global financial crises it was the only member to experience growth. Poland is a high-income country with a large and diversified domestic economy.
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These all-day discussions centered around key aspects of public finance management at the local level. The Warsaw City authorities shared their experience on budgetary planning and forecasting, with a... Show More + special focus on performance-based budgeting and multiyear fiscal forecasting. Poland’s reporting and monitoring requirements for local governments are very strict, with the Public Finance Act in 2009 mandating that local governments prepare standard reports on current budget and debt outcomes, as well as formulate medium-term fiscal forecasts with a 3-year horizon minimum. These forecasts, which are submitted on a quarterly basis, are wide in scope and include input from Local treasurers, local Chambers of Accounts, and the national Ministry of Finance.While rigorous, most stakeholders involved nonetheless agree that this is a useful tool for budgetary and financial planning, assessing creditworthiness, and for controlling compliance with legislation.The Chinese delegation also got to know the nitty-gritty of the Polish public debt regulations at the national level, and their impact on debt management at the local level. They were particularly interested in the newly-introduced individual indebtedness limit for each local government in Poland. This indicator measures self-government’s debt repayment capacity rather than is a pure ratio of debt to revenue or GDP, which is still the most common approach.“We are surely the most advanced local government in Poland. We have been engaged in knowledge sharing with other local governments in our country and we are happy to see that our achievements in sound public finance management can be of interest to such a large and important city as Shanghai,” said Treasurer of the Warsaw City and the host of the event Mirosław Czekaj.In both Poland and China, the World Bank Group has been developing platforms for facilitating knowledge and sharing experience. For example, Poland becoming a Global Development Partner is a cross-cutting theme of the latest Country Partnership Strategy for Poland, while Advancing Mutually Beneficial Relations with the World is one of the goals of the Country Partnership Strategy for China. Creating platforms where practitioners can exchange views and ideas is one of the most powerful tools for facilitating knowledge-sharing among partners, and also remains at the heart of the Bank’s mission to create knowledge platforms for sharing experiences and new ideas. Show Less -