Lithuania must save for future amid growing economy - Minister of Finance

Vilius Šapoka

Lithuania formed a surplus 2018 state budget for the first time since regaining independence in 1990, says Finance Minister Vilius Šapoka, adding this is necessary amid fast economic development and the need to accumulate reserves for a rainy day.

"The economy is heating, and this is clear from the growing inflation and increasing real estate prices. We have to follow the rules of fiscal discipline and accumulate reserves for less favorable times of economy, we must manage the inflation and, of course, reduce the state debt, which is rather big," Sapoka said at the parliament on Thursday.

The projected budget surplus in 2018 should stand at approximately 240.7 million euros, which makes 0.6 percent of the gross domestic product (GDP).

The budget revenue is planned to total 16.082 billion euros and spending should reach 15.839 billion euros.

Source: BNS
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