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Lithuanian gov't reform agenda compliant with IMF recommendations: PM

Xinhua, May 15, 2017 Adjust font size:

The Lithuanian government's agenda to implement necessary reforms to further the country's economic development is in line with the International Monetary Fund's (IMF) recommendations to Lithuania, prime minister Saulius Skvernelis said on Monday.

Skvernelis was speaking after meeting with Christoph Klingen, IMF mission chief for Lithuania, and other experts.

"I am happy that all the recommendations are consistent with the government's agenda and projects underway...this is yet another stimulus for us to move towards positive changes in the country," the prime minister was quoted as saying in a government statement.

Meanwhile, Klingen welcomed Lithuania's efforts to consolidate public finances and comply with strict fiscal discipline. He also praised Lithuania's sustainable economic growth amidst the country's serious demographic problems.

After completing the mission on Monday, the IMF projected that Lithuania's economy would expand by 3.2 percent this year and next, local website vz.lt reported.

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

Despite the raised projections, the head of the IMF mission urged Lithuania to carry out comprehensive reforms to liberalize labor market, improve the governance of state-owned enterprises, and promote better education and innovation.

In the words of Klingen, Lithuania had already started to implement the most important structural reforms, therefore, it was crucial "not to stop in the halfway."

"We think that reforms of the education and social system, stimulating innovations, the fight against unemployment, and diminishing social exclusion are the main priorities," Klingen noted.

Lithuania became an IMF member in 1992. Endit