June 26 (Reuters) - After an auction of Treasury bonds on Wednesday, 75% of Poland's gross borrowing need for the year has been financed, Finance Minister Andrzej Domanski said on X.
That figure is up from 70% at the end of May.
At Wednesday's auction, the Ministry of Finance sold six series of bonds for PLN 5 billion ($1.24 billion), with demand of PLN 7.335 billion. The 2024 gross borrowing need is PLN 449 billion.
Prime Minister Donald Tusk's pro-European Union government hiked public sector pay, social benefits and the minimum wage sharply this year to build credibility with voters after eight years of rule under the nationalist Law and Justice party.
Poland's 2023 general government deficit came in at 5.1% of GDP.
The European Commission has formally warned Poland and seven other member countries over their excessive budget deficits – relaunching a controversial fiscal intervention that’s been suspended since the pandemic. ($1 = 4.0370 zlotys) (Reporting by Barbara Erling; Editing by Cynthia Osterman)
