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In April, the Public Debt Decreased by more than LTL 1 billion due to Redemption of a Eurobond Issue

Date

2003 05 29

Rating
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Vilnius, 29 May, 2003. According to the Ministry of Finance data, in April the total public debt decreased by LTL 1,024.2 million and by the end of the month totalled LTL 13,328.4 million, i.e. 24.8% of the forecasted GDP. The decrease was mainly caused by the redemption of the 1999 Eurobond issue (EUR 250 million).

In April, the direct public debt (loans on behalf of the State) decreased by LTL 995.3 million and as of 30 April, the direct government liabilities totalled LTL 11,663.4 million, or 87.5% of the total debt.

The contingent liabilities (government guarantees on loans) decreased by LTL 28.9 million to LTL 1,665 million and constituted 12.5% of the total debt.

In April, both the direct foreign and domestic debt decreased: the foreign debt (funds borrowed on behalf of the State in foreign currency) shrank by LTL 930.3 million, and the domestic debt by LTL 65 million.

In April, the contingent foreign debt decreased by LTL 17 million to LTL 1,489.8 million; whereas the contingent domestic debt decreased by LTL 11.9 million (amounted LTL 175.3 million)

The total long-term debt (including government guarantees) comprised LTL 12,761.6 million, or 95.7% of the total debt. The short-term debt amounted to LTL 566.8 million, or 4.3% of the total debt.

As of 30 April, the total foreign debt amounted to LTL 9,238.4 million, or 69.3% of the total public debt. Lithuania was indebted in foreign currency: to international development organisations (the World Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Nordic Investment Bank and other international organisations) – LTL 1,717.3 million, to foreign government institutions – LTL 484 million, to the International Monetary Fund – LTL 181.6 million and to other creditors (commercial banks and financial institutions) – LTL 6,855.5 million.

In the end of April, the total domestic debt amounted to LTL 4,090 million, or 30.7% of the total public debt. The government was indebted in litas: to commercial banks – LTL 2,101.2 million, to financial institutions and individuals – LTL 1,864.1 million, to other public sectors – LTL 124.7 million.