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The Exchange Rate Fluctuations Reduced the Public Debt by more than LTL 100 million

Date

2003 10 29

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Vilnius, 29 October, 2003. The public debt decreased by LTL 102.1 million in September mainly due to the exchange rate fluctuations, thus amounting to LTL 13.262 billion. In end-month the public debt accounted for 24.7% of the projected GDP.

“In September the decline in domestic debt and in foreign debt, as well as downturn trend in the amounts of loans taken on behalf of the State and amounts of guaranteed loans was observed ”, - states Mrs. Lina Adakauskienė, Undersecretary of the Ministry of Finance.

 According to the data of the Ministry of Finance, loans taken on behalf of the State (direct liabilities) fell by LTL 34.9 million and amounted to LTL 11.674 billion in end - September, while contingent liabilities decreased by LTL 67.2 million and amounted to LTL 1.588 billion.

The direct foreign debt decreased by LTL 24.7 million in September and in end-month amounted to LTL 7.707 billion. Over the aforementioned period the State borrowing made up LTL 44.5 million, and repayment to foreign creditors amounted to LTL 6.7 million. The exchange rate fluctuations caused the direct foreign debt decrease by LTL 62.5 million.  

The direct domestic debt decreased by LTL 10.2 million, thus amounting to LTL 3.967 billion.

The contingent debt for the guaranteed loans taken in foreign currency fell by LTL 66.9 million in September and amounted to LTL 1.449 billion, while the guaranteed debt for the loans taken in litas decreased by LTL 0.3 million and in end-month made up 139.2 million.

The total long-term debt (including government guarantees) comprised LTL 12.495 billion, or accounted for 94.2 % of the total debt, while the short-term debt amounted to LTL 767.2 million, or made up 5.8% of the total debt.

On 30 September, the total foreign debt amounted to LTL 9.156 billion, or accounted for 69% 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 1.654 billion, to foreign government institutions – LTL 434.3 million, to the International Monetary Fund – LTL 162 million, and to other creditors (commercial banks and financial institutions) – LTL 6.906 billion.

In end-September, the total domestic debt amounted to LTL 4.106 billion, or accounted for 31% of the total public debt. The State was indebted in Litas to commercial banks – LTL 2.028 billion, to financial institutions and individuals – LTL 1.947 billion, other public sectors – LTL 131.2 million