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The Warsaw Voice » Business » September 30, 2013
Business & Economy
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In Brief
September 30, 2013   
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Belka Reappointed to World Bank Post
Poland’s central bank chief Marek Belka has been reappointed as chairman of the joint World Bank-International Monetary Fund Development Committee.

In the nearly 40-year history of this institution, Belka is the first European to have held the post and the fifth—among 21 chairmen so far—to be appointed for a second term.

The Development Committee is an advisory body to the World Bank and IMF Boards of Governors on development issues. The committee consists of 25 members representing World Bank and IMF member countries.

Public Debt Dangerously High
Poland’s public debt exceeded zl.888 billion at mid-year, overshooting 55 percent of GDP, the so-called second safety threshold stipulated in public finance regulations, the Finance Ministry said.

According to Piotr Bielski, an economist at BZ WBK bank, the threshold has been overshot by 0.2 percent.

If the full year 2013 closes with such a level of debt, this will have serious implications for public finances. The 2014 budget would have to ensure a decrease in the debt-to-GDP ratio, and the government would be obligated to come up with a recovery program. The indexation of pensions would be limited as well. The Ministry of Finance insists, however, it has the necessary resources and policy tools to avert the risk.

Portuguese Harness Polish Wind
Portuguese company EdP Renewables has launched a wind farm in Poland’s western Wielkopolska province, in one of the largest projects of its kind in this country. The wind farm, in the Gołańcz district, has 53 turbines each with a capacity of 1.5 MW, enough to generate electricity for about 80,000 households.

EdP Renewables says it has 95.5 MW of wind power capacity in Poland, making it number one in the sector. EdP Renewables owns Poland’s largest wind farm, with a capacity of 120 MW, in Margonin in Wielkopolska province, in addition to the 70 MW Korsze power plant in the northeastern Mazuria region. To date, EdP Renewables has invested zl.1.7 billion in Poland, and ultimately plans to generate 1,300 MW of wind power in this country.
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