Poland is working on increasing the transparency of its public finances as debt servicing costs mount.

This is according to Finance Minister Andrzej Domanski.

The measures will include a review of public finances, which will be published by the ministry on Monday, as well as efforts to control out-of-budget spending.

Additionally, there are plans to establish an independent fiscal council to assess government policy, the minister stated.

"I will be encouraging the government to move towards maximum transparency," he told reporters.

Poland is one of nearly a dozen European Union countries that could face the bloc's excessive deficit procedure, imposed on countries whose deficit limits exceed 3% of GDP.

Warsaw, whose deficit is expected to increase to 5.4% by year-end according to a Reuters poll, cites several reasons for this, including spending more than 4% of economic output on defence, in response to Russia's ongoing attack on Ukraine.

Domanski added that his objective is to repair public finances following years of off-budget spending since the pandemic by the prior Law and Justice (PiS) government.

"Starting April 30, state-owned development bank BGK will start publishing data on all of its funds in terms of execution and current plans on a quarterly basis," he said.

He also expressed support for merging some of BGK's funds, and the finance ministry will collaborate with the bank and other ministries on this initiative.

Furthermore, according to Domanski, Poland's annual long-term financial plan, scheduled for adoption by the government on Tuesday, will incorporate the structure for setting up a fiscal council to oversee government policy, including macroeconomic projections and the budget bill.

"It of course must be an independent institution and everything it publishes must be made public ... It has to have its own firepower when it comes to criticising the finance minister for submitted assumptions to the budget act."

The minister also said he was focusing on an increase in private investment, as well as elevated consumption, as a growth driver.

"Private investments are very important to me, which is why we are talking to investors in Poland and abroad," he said.