General Government Consolidated Debt Narrowed over the 3rd Quarter

Date

2005 01 27

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Vilnius, January 27, 2005. According to the data presented by the Ministry of Finance, at the end of the 3rd quarter of 2004 the general government consolidated debt was LTL 12.5 billion. It made up 20.5% of the projected GDP of the current year.

The general government debt narrowed by LTL 91.6 million over the 3rd quarter of the current year. The domestic debt expanded by LTL 227.2 million, the foreign debt narrowed by LTL 318.8 million. Long-term liabilities decreased LTL 295.8 million, while short-term liabilities increased by LTL 204.2 million. The total par value of the unredeemed securities (savings bonds included and issue excluded, designed for the settlement with creditors – natural persons of the Lithuanian Joint- Stock Innovation Bank (LAIB)) decreased by LTL 18.3 million and outstanding loans decreased by LTL 73.3 million during the 3rd quarter.

At the end of the 3rd quarter the public debt consisted of the debt (non-consolidated) of central government – LTL 11,877.8 million, of local government  – LTL 537.8 million and of social insurance funds – LTL 353.2 million.

At the end of the 3rd quarter the domestic debt made up LTL  4,664.6 million (i.e. 37.3% of total public debt). Long-term liabilities made up LTL 4,098.6 million, short-term liabilities – LTL 566 million. The general government was indebted to: financial sector – LTL 3,794 million, non-financial sector – LTL 427 million, other creditors – LTL 443.6 million.

On 30 September 2004 the foreign debt amounted to LTL 7,850.2 million (i.e. accounted for 62.7% of total public debt). Long-term liabilities made up LTL 7,754.3 million, short-term liabilities – only LTL 95.9 million. The State was indebted to: international organisations – LTL – 1,165.4 million, foreign government institutions – LTL 263.8 million, other creditors (commercial banks and financial institutions) – LTL 6,421 million.

At the end of the 3rd quarter total long-term debt amounted to LTL 11,852.9 million (i.e. 94.7% of total public debt), the short-term debt amounted to LTL 661.9 million (i.e.5.3% of total public debt). The major part of the public debt consisted of securities (savings bonds included and issue excluded, designed for the settlement with creditors – natural persons of the Lithuanian Joint- Stock Innovation Bank (LAIB) – LTL 10,111.7 million (i.e. 80,8% of total debt), and loans – LTL 2,403.1 million (19.2% of total debt).