Former Polish Prime Minister Mateusz Morawiecki has reacted to Fitch’s decision to downgrade Poland’s credit rating, saying it should serve as a wake-up call for the ruling left-liberal government under current Prime Minister Donald Tusk.

“The current government is pursuing a tragic fiscal policy – they are lowering our rating while simultaneously increasing the astronomical debt. Are we heading towards bankruptcy?” Morawiecki posted on X, along with a video message on the subject. 

Morawiecki explained that following Fitch’s downgrade of Poland’s sovereign outlook to negative from stable, Moody’s has done the same, and he fears Standard & Poor’s will follow suit. 

“Moody’s and Fitch agencies have sent a warning to the government! A downgrade is a signal that the management of the country’s finances is faltering, and the coalition is not in control of the situation. The new rating means more expensive loans, higher debt, and increasing pressure on the budget,” he wrote in another post. 

Expressing concern about the signal this sends regarding Poland’s creditworthiness, he explained to viewers that “the better the rating, the easier and cheaper it is to obtain funding for development.” 

This is “a yellow card for politicians and a strong message to the current prime minister,” indicating serious fears that current policies could lead to more spending, meaning higher debt and a higher deficit. 

Citing the latest data from the Ministry of Finance, Morawiecki said, “In August alone, the State Treasury’s debt increased by PLN 20 billion, an increase of 1.1% compared to July.”

If zero progress is made in a couple of quarters, Poland could be “relegated to a lower league,” the former prime minister adds.