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The Ministry of Finance Submits the 2006 Convergence Programme of Lithuania to the Government

Date

2006 12 06

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Vilnius, December 6, 2006. Government approved the updated 2006 Convergence Programme of Lithuania prepared by the Ministry of Finance. The Programme provides for a more rapid reduction of the general government  deficit striving for it not to exceed 0.5% of GDP in 2008 and the general government balance to be attained in 2009. This aim has been already approved by the Government, proposing which submitted the draft Fiscal Discipline Act to be signed by political parties.

The update of the Convergence Programme was prepared taking into consideration the European Commission’s assessment of the 2005 Convergence Programme of Lithuania and the ECOFIN Council’s opinion shaped on the basis of this assessment. It was proposed to strengthen efforts in the reduction of structural deficit, strive for the possibly lower general government deficit in 2006, ensure that in 2005 actually gained revenue over the projected target would be used for the reduction of the deficit for 2006 and the subsequent years.  

In fulfilling the commitments under economic policy coordination with the EU,  Lithuania will submit the draft of the Convergence Programme updated in view of legal acts adopted before 24 November 2006 to the Directorate General for Economic and Financial Affairs.

In February - March 2007 it will be considered at ECOFIN meeting.

 

Public Relations Division