Lithuania should prepare for a possibly drastic decline in European financial aid in the new European Union (EU) budget after 2020, says MP Stasys Jakeliūnas, chairman of the parliamentary Committee for Budget and Finance.
© Company archive

Speaking at a conference at the parliament on Thursday, he warned that some sectors, such as construction and information technologies, were too dependent on EU money.

"Since 2009, I have been raising the question about of possible structural dependence of public finances some sectors of our country's economy on the money of EU support. Given that the money accounts for around 4 percent of the GDP, the question is indeed reasonable," Jakeliūnas, a member of the ruling Farmers and Greens Union, said at the event.

In his words, the parliament has asked the Finance Ministry, the central Bank of Lithuania and other institutions to work out "plans of handling the economic dependence of public finances."

Jakeliunas told BNS that the EU support to Lithuania could decline after adoption of the new long-term financial perspective in 2020, furthermore, contributions will also stop from Great Britain that will have left the community. In his opinion, aid to Lithuania could shrink by 10-15 percent after 2020.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Nauseda will veto budget if it fails to meet fiscal discipline

Lithuanian President Gitanas Nauseda says he will not sign into law in a budget bill that does not...

GetJar founder's crowdfunding platform to allow tokenizing real estate (1)

GetJar founder Ilja Laurs is creating a crowdfunding platform, named Oz Finance, that will allow...

Energy Minister: Ukraine interested in our natural gas projects (2)

As part of efforts to diversify its gas supply sources, Ukraine is taking a keen interest in the...

Up the ladder: Lithuania rises in World Talent Ranking

Lithuania has gone up by eight notches to 28th position among 63 countries in the IMD World Talent...

Top wealth list released (1)

Nerijus Numavicius , the majority shareholder of Vilniaus Prekyba (VP), remains the richest...