Poland's Prime Minister Donald Tusk has fired the treasury minister, saying his oversight of state run companies was insufficient.

Tusk said Friday Mikolaj Budzanowski would be replaced by a lower-ranking Cabinet member, Wlodzimierz Karpinski, at the helm of the Treasury Ministry.

He said there had been an insufficient exchange of information between the treasury minister and the state-owned companies he was supposed to oversee.

Budzanowski was recently criticized for his lack of knowledge about a deal that state gas giant PGNiG had signed with Russia's Gazprom for a prospective new pipeline bypassing Ukraine.

Earlier, Budzanowski was criticized for ignoring the mounting financial problems of the state airline, LOT, and a breach of standards by the management of the Warsaw Stock Exchange.