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Lithuanian parliament approves state budget

Xinhua, December 11, 2015 Adjust font size:

Lithuanian parliament approved on Thursday the deficit state and municipal budget for 2016.

Leaders of the ruling coalition say the budget for the next year is realistic and socially oriented, taking into account financial capabilities of the country.

According to Loreta Grauziniene, speaker of the Seimas, the main advantage of the budget is its attention to those with the lowest income.

"Next year, the minimum wage will grow up to 350 euros and up to 380 euros as of July," Grauziniene was quoted as saying by news website vz.lt.

"Next year, the compensation for the reduced pensions will be finished, and an increase of the pensions will start," she added.

Opposition parties criticized the budget as too generous and irresponsible. Andrius Kubilius, former prime minister and leader of the opposition, said Lithuania has been losing its reputation as a country with financial discipline.

"After losing reputation, one has to pay more when borrowing in global financial markets," Kubilius said.

The total revenue of the state and municipal budget is to amount to 9.394 billion euros (10.278 billion U.S. dollars) next year. With the total spending of 10.045 billion euros the budget is to face a deficit of 651 million euros.

This year's government revenue is planned to amount to 9.269 billion euros and spending to reach 9.677 billion euros, reports vz.lt.

Recently, the European Commission has warned the country that its budget spending could exceed the revenue more than the government had planned, thus leading Lithuania to miss the requirements of the Stability and Growth Pact. This document requires that a budget deficit should not exceed 1 percent of GDP.

The budget is to be signed by Lithuanian president Dalia Grybauskaite. Before the voting at the Seimas, Grybauskaite had warned the lawmakers to avoid taking disproportionate obligations.

"Lithuania for the first time after four years has become a target of the European Commission's criticism," said Grybauskaite in an interview to Lithuanian National Radio LRT. Endit