public finance

Chief Analyst of DNB Bank, Indrė Genytė-Pikčienė, says there is a probability that the Lithuanian government will have to revise this year's state budget revenue and expenditure targets.

After the International Monetary Fund has warned that Lithuania this year is facing serious challenges in public finances, an economist says that meeting this year's budget targets will not be easy.

Even though the Lithuanian central bank last week cut its GDP growth forecast for this year, Prime Minister Algirdas Butkevičius says that the government is not planning to revise the national budget, at least for now, adding that EU support should help cushion the impact of slower growth.

Don't tell anyone, but I actually dislike saving money. When I decide to buy something more expensive, like another lens for my camera, I borrow from my wife instead of saving part of my wages for a few months. Then I repay the money according to a pre-set schedule to her just like to a lending comp...

Commenting on the discrepancies between the defence funding figures provided by different institutions, Lithuanian Prime Minister Algirdas Butkevičius says that additional funding for defence will be strictly used according to NATO standards.

According to the Ministry of Finance of Lithuania, the central government's debt in November stood at 39.7 percent of Lithuania's total projected gross domestic product (GDP) of 2014, LTL 49.673 billion (EUR 14.39 billion).

Lithuanian President Dalia Grybauskaitė has signed the country's budget for the next year, her press service said on Tuesday.

Lithuanian Seimas opposition leader, conservative Andrius Kubilius, has asked President Dalia Grybauskaitė to veto the draft budget for 2015 of the State Social Insurance Fund Board under the Ministry of Social Security and Labour (Sodra) which was adopted by the Seimas.

The Lithuanian parliament Thursday passed the law on national budget for 2015, the first year of the country's eurozone membership, by a vote of 79 to 33, with 23 abstentions.

The Lithuanian parliament sent next year’s draft budget bill back to the government for improvement after the first reading on Tuesday.

Lithuania’s 2015 budget bill does not contravene the Law on Fiscal Discipline, Prime Minister Algirdas Butkevičius insists.

The growth of expenses projected in Lithuania’s 2015 budget bill contravenes the Law on Fiscal Discipline and the expected growth of tax revenue is overly optimistic, the National Audit Office said in conclusions published on Monday.

The Government says that it will not tolerate growing indebtedness of municipalities and those local governments which fail to reduce their debts will have to adhere to new stricter rules, Prime Minister Algirdas Butkevičius has confirmed.

Prime Minister Algirdas Butkevičius hopes that Lithuania will have a balanced budget already in 2017.

The parliamentary groups of the Order and Justice party, the Social Democrats and the Labour Party have agreed that the minimum monthly salary should be raised to EUR 325 (LTL 1,122) in 2015.

At its plenary sitting on Monday, the Seimas of Lithuania adopted the legislation implementing the European Union's Fiscal Compact treaty signed in 2012.

Prime Minister Algirdas Butkevičius says the Government is looking for LTL 102 million (EUR 29.5 million) in next year's budget in order to raise salaries for government employees working under employment contracts.

The Lithuanian parliament's Foreign Affairs Committee has suggested earmarking additional 34.3 million litas (EUR 9.9m) for defence next year.

At the end of 2013, Lithuania's government debt to GDP was one of the lowest in the European Union and stood at 39 percent, Eurostat reports.

Lithuania’s 2015 budget bill will be adjusted if there is reason to believe that the growth of the country’s economy is slightly lower than the currently forecasts, the finance minister has said.