Minister of Finance Taurimas Valys met with Belgian Minister of Finance Jan Jambon
Belgium is projected to run a budget deficit exceeding 5% of GDP this year, while allocating only around 2% of GDP to defence. In addition, Belgium expects to spend nearly €11 billion on government debt interest payments alone. This highlights the difficult fiscal decisions European countries face today.
Although our countries differ, finance ministers face similar challenges – balancing security needs, citizens’ expectations and the financial capacity of the state.
For Lithuania, this challenge is particularly pressing due to its geographical location and proximity to Russia and Belarus. Therefore, when making common European decisions on defence financing and fiscal rules, it is essential to take into account the different security situations and financing needs of Member States.