Seimas Adopted Historical Budget for Upcoming Year

Date

2017 12 13

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Poverty reduction, ensuring of national security, promotion of entrepreneurship and productive investments as well as increasing financial self-sufficiency of municipal budgets – ways forward for the growing country viewed by both the Government and the Seimas. Today, 84 members of the Seimas voted for the Law on the Approval of Financial Indicators of the State Budget and Municipal Budgets for 2018 embodying these goals.

Minister of Finance Vilius Šapoka notes that the main challenge during the national budget preparation process was to combine two things not easily be combined – the most important goals for the entire country and their costs and fiscal discipline.

Appropriations, as compared with the year 2017, next year will grow most for social security, defence, health care as well as for municipalities. This will enable to reduce poverty in the country, help ensure a more decent life for older people. The budget also envisages higher wages for medical staff, teachers, scientists, firemen and employees of other sectors. Moreover, at the same time life of the people in the country will be more secure – for the first time in history Lithuania will fulfil its commitments to NATO and will allocate 2 per cent of GDP to national defence.

A surplus of 0.6 per cent of GDP of general government for 2018 generated by aggregate draft budgets ensures that the medium-term objective is sustained. This will enable not only to maintain a sound economic growth, but also to avoid overheating by the help of all available fiscal instruments.