Lithuania’s state budget revenue is projected to increase by 11.4% (1.422 billion euros) next year, with an 8.3% (1.238 billion euros) increase in expenditure, according to the Finance Minister Gintare Skaiste.
The state’s revenue excluding EU funds should rise by 14.9% (1.434 billion euros), with expenses increasing by 9.3% (1.097 billion euros), the minister said on October 11 during the cabinet’s informal meeting to discuss the budget bill.
“We believe that the budget should contribute to making Lithuania a safe country,” Skaiste said in a press conference.
“Major attention will be paid to the implementation of the national defense funding agreement over the upcoming period, the management of the Covid pandemic, the safety needs of the Astravyets nuclear power plant, as well as the construction of the physical barrier on the border with Belarus and the migrant situation,” she added.
Lithuania’s public sector deficit is estimated to stand at 3.1% in 2022, lower than the 4.4% deficit expected this year and the 7.4% deficit of the year before.
“We believe we have truly managed to stabilize debt growth in the medium term. We estimate that the public debt level will amount to 45.6% of GDP next year,” Skaiste said.
The debt level stood at 47.1% of GDP last year.
According to the minister, Lithuania will have to use EU assistance to invest in education and the green economy. Increasing people’s income and promoting employment will be one of the priorities.
Social security funding should stand at 7.858 billion euros in 2022, up by 759.5 million euros from this year. Funding for healthcare is estimated to go up by 379.6 million euros to 3.337 billion euros, while funding for education should increase by 344 million euros to 2.789 billion euros. (LRT/Business World Magazine)