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IMF mission to evaluate Lithuania's economic, fiscal performance

Xinhua, May 4, 2017 Adjust font size:

International Monetary Fund (IMF) mission has started its work in Vilnius on Thursday, aiming to discuss and evaluate Lithuania's economic developments and government policies with the country's authorities, Lithuania's Ministry of Finance said.

The IMF consultations take place twice a year.

"Despite exceptionally favorable year of 2016, when Lithuania's public sector funds were bigger than expected for the first time in 26 years, we can't become complacent," Vilius Sapoka, Lithuania's minister of finance, was quoted as saying in a finance ministry statement.

On Thursday, he met with Christoph Klingen, IMF mission chief for Lithuania, to discuss Lithuania's economic situation, state budget and other issues.

"I discussed these issues with the representatives of the mission and assured them that our commitments to follow fiscal discipline, seek for sustainable and long-term oriented country's development remain our priorities," the minister added.

The members of the IMF mission plan to meet with representatives of various Lithuania's state institutions, central bank and private sector. At the conclusion of the visit, IMF will submit its recommendations to Lithuania.

The mission will finish its work in Lithuania on May 15.

In its World Economic Outlook published last month, IMF expects Lithuania's economy to grow by 2.8 percent and 3.1 percent this year and in 2018 respectively.

Klingen commented earlier that strong private demand and increasing investments will be the main growth drivers in the country, however, he pointed out negative demographic trends and low productivity as Lithuania's main challenges.

"Currently, the main issue is to follow appropriate polities and implement necessary reforms, in order to achieve results in the longer term," Klingen was quoted as saying by local website vz.lt after the IMF report on the world economy was released in April.

Sapoka, Lithuania's minister of finance, also pledged earlier this year that structural reforms must be implemented in Lithuania to boost economic growth. Endit