“The consequences of taking out the SAFE loan are impossible to predict over a period of more than 40 years. Only a few days have passed since the agreement was signed, and we are already learning that the interest rate is higher. This is something that, over the course of several decades, could absolutely drag us into financial ruin,” Senator Wojciech Skurkiewicz, former deputy minister of national defence, told Niezależna.pl.
“When the government spoke before signing the SAFE loan agreement about an estimated interest rate of 3.17 percent, based on data from the first half of last year, the European Commission already had newer calculations concerning the cost of obtaining financing from the market in the second half of the year — 3.32 percent. There are many indications that the rates will rise even further,” business daily Puls Biznesu wrote today.
The agreement between the Polish government and the European Commission regarding the SAFE program was concluded on May 8 and, as Puls Biznesu notes, a race against time is now underway. The government’s ambition is to conclude 40 contracts with Polish defence-sector companies before the end of the month. The reason is that until the end of May, Poland does not have to meet one of SAFE’s key conditions — making purchases jointly with another EU member state.
During the heated political debate over SAFE, the Ministry of Finance of Poland estimated that the interest rate would be close to 3.17 percent. Presenting these simulations, the ministry relied on the then-available European Commission data regarding the cost of raising EU financing from the market during the first half of 2025. However, a new report published in April showed that the cost had increased. It no longer amounts to 3.17 percent, but 3.32 percent, Puls Biznesu reported.
“The SAFE loan is absolutely unpredictable”
Niezależna.pl asked Wojciech Skurkiewicz, a senator from Law and Justice and former deputy minister of national defence, to comment on the matter.
“The consequences of taking out the SAFE loan are impossible to predict over a period of more than 40 years. Only a few days have passed since the agreement was signed, and we are already learning that the interest rate is higher,” he stressed.
“The interest rate on this loan changes every year throughout its duration. We can already see that. During the parliamentary debate, government representatives said that today it is the most advantageous loan on the market, with an interest rate of 3.17 percent. Today we are learning that it is already higher. More months and years will pass, financial markets will experience further turbulence, and it will turn out that the SAFE loan will resemble Swiss franc mortgages, which people eagerly took out,” he added.
“This is something that, over the course of several decades, could absolutely drag us into financial ruin,” the former deputy defence minister warned.
“People keep talking only about the principal amount being considered — PLN 180 billion. But experts clearly indicate that interest must be added, which by 2070 will amount to another PLN 200 billion. It may therefore turn out that the SAFE loan will mean repaying nearly PLN 400 billion,” Senator Skurkiewicz continued.
The senator also referred to the issue of Poland making independent arms purchases under SAFE. Let us recall — this condition applies only until the end of May.
“In practice, we have only 10 days left to sign agreements worth an estimated PLN 160 billion. That means contracts worth around PLN 16 billion must be signed every single day. These are enormous sums and a massive challenge. I do not believe this government is capable of doing it. Especially since defence negotiations are often very difficult,” he pointed out.
“These will probably be rushed actions carried out carelessly, which will have consequences for the broader strategy. It may lead to the money being spent poorly or irrationally. Defence contracts worth PLN 160 billion signed within just a few days? Once again, I repeat — this does not seem feasible,” he concluded.