The city of Kaunas and its municipal companies have have cut their debts by €45 million over the last nine months.
Kaunas
© DELFI (R. Achmedovo nuotr.)

Kaunas Mayor Visvaldas Matijošaitis said in a statement that the municipality managed to ease its debt burden by optimising expenses. "We used to hear excuses that the city is so neglected because there is no money. I've always said there is money, only it was spent on who-knows-what," he said.

At the end of 2014, the total debt of Kaunas and municipal companies stood at €235 million. It had decreased to €190 million by late 2015.

The sum owed by the city of Kaunas to its own municipal companies has also gone down, from €13.5 million to €1.6 million.

"Another successful indicator is that revenue to Kaunas city budget in 2015 was €21 million above what it had been in 2014," Kaunas Municipality administration head Gintaras Petrauskas said.

Danish company picks 3 Lithuanian districts for wind farms

European Energy , a Danish company that is planning to build wind power farms with a total capacity...

Turto Bankas to hold workshops on vacated Lukiskes prison

Lithuania's state enterprise Turto Bankas (Property Bank) plans to hold creative workshops next...

Lithuania post's one of largest drop in agricultural output in EU

The drop in agricultural output in Lithuania in 2018 was the largest among EU member states,...

Central banker says establishing state bank would be costly

While the emergence of a new player in the Lithuanian banking market would be welcome, establishing...

Vasiliauskas calls on MPs to turn to ECB over banking tax

Vitas Vasiliauskas , board chairman of the central Bank of Lithuania , has called on lawmakers to...