Title Page

REPUBLIC OF POLAND

STAFF REPORT FOR THE 2021 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX

February 1, 2022

Prepared by

Contents

• FUND RELATIONS

• STATISTICAL ISSUES

Fund Relations

(As of December 31, 2021)

Membership Status: Joined 6/12/1986; Article VIII

General Resources Account:

	SDR Million	Percent Quota
Quota	4,095.40	100.00
Fund Holdings of Currency	3,091.23	75.48
Reserve Tranche Position	1008.09	24.62
Lending to the Fund
New Arrangement to Borrow	30.38

View Table

	SDR Million	Percent Quota
Quota	4,095.40	100.00
Fund Holdings of Currency	3,091.23	75.48
Reserve Tranche Position	1008.09	24.62
Lending to the Fund
New Arrangement to Borrow	30.38

SDR Department:

	SDR Million	Percent Allocation
Net Cumulative Allocation	5,229.90	100.00
Holdings	4226.60	80.82

View Table

	SDR Million	Percent Allocation
Net Cumulative Allocation	5,229.90	100.00
Holdings	4226.60	80.82

Outstanding Purchases and Loans: None

Latest Financial Arrangements:

In Millions of SDR

Type	Approval Date	Expiration Date	Amount Approved	Amount Drawn
FCL	1/13/2017	11/2/2017	6,500.00	0.00
FCL	1/14/2015	1/13/2017	13,000.00	0.00
FCL	1/18/2013	1/13/2015	22,000.00	0.00
FCL	1/21/2011	1/17/2013	19,166.00	0.00
FCL	7/02/2010	1/20/2011	13,690.00	0.00

View Table

Type	Approval Date	Expiration Date	Amount Approved	Amount Drawn
FCL	1/13/2017	11/2/2017	6,500.00	0.00
FCL	1/14/2015	1/13/2017	13,000.00	0.00
FCL	1/18/2013	1/13/2015	22,000.00	0.00
FCL	1/21/2011	1/17/2013	19,166.00	0.00
FCL	7/02/2010	1/20/2011	13,690.00	0.00

Projected Payments to Fund (SDR Million; based on existing use of resources and present holdings of SDRs):

Forthcoming
	2022	2023	2024	2025	2026
Principal
Charges/Interest	0.82	0.86	0.86	0.86	0.86
Total	0.82	0.86	0.86	0.86	0.86

View Table

Forthcoming
	2022	2023	2024	2025	2026
Principal
Charges/Interest	0.82	0.86	0.86	0.86	0.86
Total	0.82	0.86	0.86	0.86	0.86

Article IV Consultation:

The last Article IV consultation was concluded on February 3, 2020. Poland is on the standard 12-month consultation cycle.

Resident Representative:

Mr. Nadeem Ilahi has been the Senior Regional Resident Representative for Central and Eastern Europe since August 2018.

Exchange Arrangements: Exchange Arrangements: The currency of Poland is the zloty. The exchange rate arrangement is free floating. Poland accepted the obligations under Article VIII, Sections 2, 3, and 4 on June 1, 1995. Poland maintains an exchange system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions, except for the exchange restrictions imposed by Poland solely for the preservation of national or international security as introduced by the European Union (EU) within the framework of the Common Foreign and Security Policy.

^{Table 1.}

Republic of Poland: Technical Assistance from the Fund, 1992–2021

^{Table 1.}

Republic of Poland: Technical Assistance from the Fund, 1992–2021

Department	Subject/Identified Need	Action	Date	Counterpart
MAE-Coordinated	Periodic visits by experts from central banks co operating in providing technical assistance to the NBP under the coordination of MAE	Experts’ visits	1992–94	NBP
MAE	Payments system, banking supervision , monetary research and analysis	Mission	May 1992	NBP
MAE	Review of progress in the modernization of operational functions	Mission	October 1992	NBP
MAE	Resident expert-Advisor to President of NBP		November 1991–92	NBP
MAE	Additional steps in the modernization process of the NBP	Mission	April 1993	NBP
MAE	Monetary programming and operations, and payments system	Mission	November 1993	NBP
MAE	Central bank modernization	Mission	August 1994	NBP
MAE/LEG	Review of the exchange and payments system	Mission	February 1995	NBP/MoF
MAE	Exchange rate system	Mission	March 1995	NBP
MAE	Review of government securities market, payments system and public debt management	Mission	August 1995	NBP/MoF
MAE	Asset consolidation exercise	Expert visits	Late 1995	NBP
FAD	Tax administration (VAT)	Nine short-term assignments of field experts	August 1992–October 1994	MoF
FAD	Tax administration	Mission	November 1992	MoF
STA	Framework for monetary statistics	Mission	February 1993	NBP
STA	Framework for monetary statistics (follow-up)	Mission	November 1993	NBP
STA	Government finance statistics	Mission	August 1995	NBP/MoF
STA	Money and banking statistics	Mission	January 1996	NBP
STA	Government finance statistics	Mission	July 1996	NBP/MoF
STA	Balance of payments statistics	Mission	November 1996	NBP/MoF
STA	Balance of payments statistics	Follow-up mission	April 1997	NBP/MoF
STA	Review of progress in implementing the SDDS	Visit	February 1998
FAD	Public expenditure management	Mission	April 1998	MoF
MAE	Operational aspects of monetary and exchange rate policy	Mission	September 1998	NBP
FAD	Tax administration	Mission	October 1998	MoF
FAD	Examination of impact on revenues of proposed tax reform	Mission	November 1998	MoF
FAD	Discussion of tax administration	Mission	March 1999	MoF
FAD	Tax administration seminar	Mission	April 1999	MoF
STA	Government Finance Statistics	Mission	October 1999	MoF/Local
FAD	Tax administration— Introduction of expert	Mission	November 1999	MoF
FAD	Administering Social Security	Mission	March 2000	MoF
IMF/IBRD	FSAP	Mission	May/Sept 2000	MoF/NBP
MAE	Monetary Operations	Mission	July 2001	NBP
FAD	Expenditure restructuring	Mission	December 2001	MoF
MAE	Stress testing	Mission	January 2002	NBP
STA	Data ROSC	Mission	January 2003	CSO/MoF/NBP
STA	Government finance statistics (GFSM 2001)	Mission	October 2003	MoF
STA	Government finance statistics (GFSM 2001)	Mission	January 2005	MoF
IMF/IBRD	FSAP Update	Mission	April/May 2006	MoF/NBP
FAD	Developing a multi-annual fiscal framework	Mission	June 2008	MoF
STA	Errors and omissions in balance of payments accounts	Mission	July 2009	NBP
FAD	Medium-term fiscal framework	Mission	April 2010	MoF
MCM	Detailed assessment of observance of BCP for effective banking supervision	Mission	Feb/March 2011	KNF
STA	Errors and omissions in balance of payments accounts	Mission	June 2011	NBP
FAD	Developing the fiscal regime for oil and gas	Mission	April 2012	MoF
MCM	Macroprudential framework	Mission	May 2012	NBP
IMF/WB	FSAP update	Mission	Feb/March 2013	MoF/ KNF/NBP
FAD	Tax administration― Modernization challenges and strategic priorities	Mission	November 2014	MoF
MCM	Bank Resolution	Mission	March 2016	BFG
FAD	Medium-term budget framework	Mission	February/November 2017	MoF
FAD	Tax administration	Mission	April/June 2017	MoF
IMF/WB	FSAP update	Mission	Jan/May 2018	MoF/ KNF/NBP
FAD	Medium-term budget framework (M TBF), developing chart of accounts	Mission	Apr/Dec 2019	MoF
FAD	MTBF developing standardized chart of accounts (SCoA)	Resident advisor	May 2019	MoF
FAD	MTBF outstanding issues in development of SCoA	Virtual Mission	Mar/Jun 2021	MoF
FAD	Public Investment Management Assessment (PIMA)	Virtual Mission	Sep/Oct 2021	MoF

View Table

^{Table 1.}

Republic of Poland: Technical Assistance from the Fund, 1992–2021

Department	Subject/Identified Need	Action	Date	Counterpart
MAE-Coordinated	Periodic visits by experts from central banks co operating in providing technical assistance to the NBP under the coordination of MAE	Experts’ visits	1992–94	NBP
MAE	Payments system, banking supervision , monetary research and analysis	Mission	May 1992	NBP
MAE	Review of progress in the modernization of operational functions	Mission	October 1992	NBP
MAE	Resident expert-Advisor to President of NBP		November 1991–92	NBP
MAE	Additional steps in the modernization process of the NBP	Mission	April 1993	NBP
MAE	Monetary programming and operations, and payments system	Mission	November 1993	NBP
MAE	Central bank modernization	Mission	August 1994	NBP
MAE/LEG	Review of the exchange and payments system	Mission	February 1995	NBP/MoF
MAE	Exchange rate system	Mission	March 1995	NBP
MAE	Review of government securities market, payments system and public debt management	Mission	August 1995	NBP/MoF
MAE	Asset consolidation exercise	Expert visits	Late 1995	NBP
FAD	Tax administration (VAT)	Nine short-term assignments of field experts	August 1992–October 1994	MoF
FAD	Tax administration	Mission	November 1992	MoF
STA	Framework for monetary statistics	Mission	February 1993	NBP
STA	Framework for monetary statistics (follow-up)	Mission	November 1993	NBP
STA	Government finance statistics	Mission	August 1995	NBP/MoF
STA	Money and banking statistics	Mission	January 1996	NBP
STA	Government finance statistics	Mission	July 1996	NBP/MoF
STA	Balance of payments statistics	Mission	November 1996	NBP/MoF
STA	Balance of payments statistics	Follow-up mission	April 1997	NBP/MoF
STA	Review of progress in implementing the SDDS	Visit	February 1998
FAD	Public expenditure management	Mission	April 1998	MoF
MAE	Operational aspects of monetary and exchange rate policy	Mission	September 1998	NBP
FAD	Tax administration	Mission	October 1998	MoF
FAD	Examination of impact on revenues of proposed tax reform	Mission	November 1998	MoF
FAD	Discussion of tax administration	Mission	March 1999	MoF
FAD	Tax administration seminar	Mission	April 1999	MoF
STA	Government Finance Statistics	Mission	October 1999	MoF/Local
FAD	Tax administration— Introduction of expert	Mission	November 1999	MoF
FAD	Administering Social Security	Mission	March 2000	MoF
IMF/IBRD	FSAP	Mission	May/Sept 2000	MoF/NBP
MAE	Monetary Operations	Mission	July 2001	NBP
FAD	Expenditure restructuring	Mission	December 2001	MoF
MAE	Stress testing	Mission	January 2002	NBP
STA	Data ROSC	Mission	January 2003	CSO/MoF/NBP
STA	Government finance statistics (GFSM 2001)	Mission	October 2003	MoF
STA	Government finance statistics (GFSM 2001)	Mission	January 2005	MoF
IMF/IBRD	FSAP Update	Mission	April/May 2006	MoF/NBP
FAD	Developing a multi-annual fiscal framework	Mission	June 2008	MoF
STA	Errors and omissions in balance of payments accounts	Mission	July 2009	NBP
FAD	Medium-term fiscal framework	Mission	April 2010	MoF
MCM	Detailed assessment of observance of BCP for effective banking supervision	Mission	Feb/March 2011	KNF
STA	Errors and omissions in balance of payments accounts	Mission	June 2011	NBP
FAD	Developing the fiscal regime for oil and gas	Mission	April 2012	MoF
MCM	Macroprudential framework	Mission	May 2012	NBP
IMF/WB	FSAP update	Mission	Feb/March 2013	MoF/ KNF/NBP
FAD	Tax administration― Modernization challenges and strategic priorities	Mission	November 2014	MoF
MCM	Bank Resolution	Mission	March 2016	BFG
FAD	Medium-term budget framework	Mission	February/November 2017	MoF
FAD	Tax administration	Mission	April/June 2017	MoF
IMF/WB	FSAP update	Mission	Jan/May 2018	MoF/ KNF/NBP
FAD	Medium-term budget framework (M TBF), developing chart of accounts	Mission	Apr/Dec 2019	MoF
FAD	MTBF developing standardized chart of accounts (SCoA)	Resident advisor	May 2019	MoF
FAD	MTBF outstanding issues in development of SCoA	Virtual Mission	Mar/Jun 2021	MoF
FAD	Public Investment Management Assessment (PIMA)	Virtual Mission	Sep/Oct 2021	MoF

Statistical Issues

(As of January 25, 2022)

Assessment of Data Adequacy for Surveillance

General: Data provision is adequate for surveillance.

National Accounts: Statistics Poland (GUS) compiles and disseminates annual and quarterly GDP by production and expenditure approaches, both at current and previous year’s prices following the 2008 SNA and ESA 2010. Quarterly financial accounts of general government sector are compiled by the Statistics Poland (GUS). Annual and quarterly financial accounts by institutional sectors are compiled by Narodowy Bank Polski (NBP) following the ESA 2010 standards and disseminated regularly on its website according to an advance release calendar: the annual financial accounts on the 20th of October the following year and quarterly financial accounts on the 20th calendar day of the 4th month following the end of the reference quarter (i.e., on the 20th of January, April, July, and October). Poland also publishes “flash estimates” of GDP within weeks of the reference quarter.

Price Statistics: The consumer price index does not cover imputed rents of owner-occupied dwellings. The scope of the index covers all resident households, except those in some rural areas. The producer price index does not include any estimation for missing prices; quality and seasonal adjustment techniques are also not implemented. Poland publishes “flash estimates” of CPIs, and a monthly Harmonized Indices of Consumer Prices (HICP) according to a uniform methodology of the European Union.

Government Finance Statistics: The Ministry of Finance (MoF) is responsible for compiling monthly data. The data are compiled in accordance with the IMF’s Government Finance Statistics Manual 2001 (GFSM 2001). Monthly cash data cover “core” central government. Revenue and expense are divided by economic type. Financing is classified by sector and by type of debt instrument.

Starting in 2015 (annual data for 2014), GUS is responsible for collecting, processing, and disseminating annual government finance statistics. The data are compiled according to European System of Accounts (ESA2010) and adjusted to GFS Manual 2014. The annual reports cover presentation of fiscal data on operations of the general government sector divided by central government, local government, and social security funds. Revenue and expense are divided by transactions. Financing is classified by sector and by type of debt instrument. General government data are released on a quarterly basis, derived from detailed ESA data. Monthly and annual data are regularly disseminated on the SDDS website.

Monetary and Financial Statistics: Beginning with data for January 2004, the NBP provides the European Central Bank (ECB) with monetary accounts in accordance with the ECB’s framework for monetary statistics using the national residency approach. The ECB reports monetary data for Poland to the IMF for publication. Data on other financial corporations (OFC) are currently not available.

Financial Sector Surveillance: In November 2009, NBP in cooperation with GUS, the Polish Financial Supervision Authority (KNF) and MoF began reporting financial soundness indicators (FSI) in line with the IMF’s Financial Soundness Indicators Compilation Guide. Poland is currently reporting all core FSIs and 21 of the 28 encouraged FSIs on a quarterly basis with a lag of approximately one quarter. NBP also implemented EU regulation 680/2014, which covers supervisory reporting defined by the Implementing Technical Standards (ITS) prepared by the European Banking Authority. First data were collected with reference date March 2014 for own funds and liquidity related reporting. Financial reporting on a consolidated basis according to the ITS was reported for the first time for September 2014.

External Sector Statistics:

Poland, as all other EU countries, disseminates balance of payments and international investment position data in accordance with the sixth edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6) and external debt statistics in line with the 2013 External Debt Statistics: Guide for Compilers and Users (2013 EDS Guide).

Poland participates in the Coordinated Direct Investment Survey and Coordinated Portfolio Investment Survey and reports data for the Reserves Data Template to the IMF.

Data Standards and Quality

Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since April 17, 1996. Uses SDDS flexibility option on the timeliness of the data on general government and central government operations.

^{Table 1.}

Republic of Poland: Table of Common Indicators Required for Surveillance–as of January 25, 2022

¹Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign and domestic financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).

⁷Reflects the assessment provided in the data ROSC published on November 6, 2001, and based on the findings of the respective missions that took place during May 10–18, 2001 for the dataset corresponding to the variable in each row. For fiscal data, also takes account of the 2009 Fiscal Transparency ROSC. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

⁸Same as footnote 7, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation, and revision studies.

⁹Includes external gross financial asset and liability positions vis-à-vis nonresidents.

^{Table 1.}

Republic of Poland: Table of Common Indicators Required for Surveillance–as of January 25, 2022

	Date of latest observation	Date received	Frequency of data7	Frequency of reporting7	Frequency of publication7	Memo Items:
						Data Quality – Methodological soundness8	Data Quality Accuracy and reliability9
Exchange Rates	1/25/2022	1/25/2022	D	D	D
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	12/2021	1/05/2022	M	M	M
Reserve/Base Money	11/2021	01/05/2022	M	M	M	O, LO, O, LO	O, O, O, O, O
Broad Money	11/2021	01/05/2022	M	M	M
Central Bank Balance Sheet	11/2021	01/05/2022	M	M	M
Consolidated Balance Sheet of the Banking System	11/2021	01/05/2022	M	M	M
Interest Rates2	11/2021	01/05/2022	D	D	D
Consumer Price Index	12/2021	01/14/2022	M	M	M	O, O, O, O	O, O, O, O, O
Revenue, Expenditure, Balance, and Composition of Financing3 – General Government4	2020	10/21/2021	A	A	A	LO, O, O, O	O, O, O, O, NA
Revenue, Expenditure, Balance and Composition of Financing3– Central Government	10/2021	12/27/2021	M	M	M
Stocks of Central Government and Central Government-Guaranteed Debt5	11/2021	01/20/2022	M	M	M
External Current Account Balance	11/2021	01/15/2022	M	M	M	O, O, O, LO	O, O, O, O, LO
Exports and Imports of Goods and Services	11/2021	01/15/2022	M	M	M
GDP/GNP	Q3/2021	11/30/2021	Q	Q	Q	O, LO, O, O	LO, LO, O, O, LO
Gross External Debt	Q3/2021	12/30/2021	Q	Q	Q
Balance of Payments	Q3/2021	12/30/2021	Q	Q	Q
International Investment Position6	Q3/2021	12/30/2021	Q	Q	Q

¹Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign and domestic financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).

⁷Reflects the assessment provided in the data ROSC published on November 6, 2001, and based on the findings of the respective missions that took place during May 10–18, 2001 for the dataset corresponding to the variable in each row. For fiscal data, also takes account of the 2009 Fiscal Transparency ROSC. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

⁸Same as footnote 7, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation, and revision studies.

⁹Includes external gross financial asset and liability positions vis-à-vis nonresidents.

View Table

^{Table 1.}

Republic of Poland: Table of Common Indicators Required for Surveillance–as of January 25, 2022

	Date of latest observation	Date received	Frequency of data7	Frequency of reporting7	Frequency of publication7	Memo Items:
						Data Quality – Methodological soundness8	Data Quality Accuracy and reliability9
Exchange Rates	1/25/2022	1/25/2022	D	D	D
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	12/2021	1/05/2022	M	M	M
Reserve/Base Money	11/2021	01/05/2022	M	M	M	O, LO, O, LO	O, O, O, O, O
Broad Money	11/2021	01/05/2022	M	M	M
Central Bank Balance Sheet	11/2021	01/05/2022	M	M	M
Consolidated Balance Sheet of the Banking System	11/2021	01/05/2022	M	M	M
Interest Rates2	11/2021	01/05/2022	D	D	D
Consumer Price Index	12/2021	01/14/2022	M	M	M	O, O, O, O	O, O, O, O, O
Revenue, Expenditure, Balance, and Composition of Financing3 – General Government4	2020	10/21/2021	A	A	A	LO, O, O, O	O, O, O, O, NA
Revenue, Expenditure, Balance and Composition of Financing3– Central Government	10/2021	12/27/2021	M	M	M
Stocks of Central Government and Central Government-Guaranteed Debt5	11/2021	01/20/2022	M	M	M
External Current Account Balance	11/2021	01/15/2022	M	M	M	O, O, O, LO	O, O, O, O, LO
Exports and Imports of Goods and Services	11/2021	01/15/2022	M	M	M
GDP/GNP	Q3/2021	11/30/2021	Q	Q	Q	O, LO, O, O	LO, LO, O, O, LO
Gross External Debt	Q3/2021	12/30/2021	Q	Q	Q
Balance of Payments	Q3/2021	12/30/2021	Q	Q	Q
International Investment Position6	Q3/2021	12/30/2021	Q	Q	Q

¹Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign and domestic financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).

⁷Reflects the assessment provided in the data ROSC published on November 6, 2001, and based on the findings of the respective missions that took place during May 10–18, 2001 for the dataset corresponding to the variable in each row. For fiscal data, also takes account of the 2009 Fiscal Transparency ROSC. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

⁸Same as footnote 7, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation, and revision studies.

⁹Includes external gross financial asset and liability positions vis-à-vis nonresidents.