The question of Poland's national debt arose in 1970s when it became clear that the country had no capacity to service its high debt. After a partial reduction of the debt in 1994, a concept for maintaining of national debt at a steady level is in operation. This is being done through refinancing of capital instalments by new emissions of Treasury bonds in foreign markets whereas interest maturing payments are financed from current receipts of the Budget. The management of national debt involves decisions aimed at determining a safe amount of public debt and the way of financing of the loan needs of the State. The decisions have been presented since 1999 in the form of annual three-year strategies, prepared by the Ministry of Finance, to manage the State Treasury debt and to service the public debt. The strategy is aimed at minimizing, in the long run, of the costs connected with the service of the debt.
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