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“.
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Baltic States seek a single regional assessment

Ministers of finance of Lithuania, Latvia and Estonia, the European Commission and NASDAQ appealed...

LMT presents three digital service innovations at Baltic Mobile Congress

LMT (Latvian Mobile Telephone) is the telecommunications market leader in Latvia and a digital service...

CERN is considering the possibility of establishing business incubation centre

Last week, CERN delegation paid a visit to Kaunas University of Technology (KTU) Santaka Valley. The...

Israeli cloud services integrator chooses Vilnius for European base

TeraSky, a leading Israeli cloud solutions integrator, has just announced the opening of its European...

The popular French fashion brand „Gémo“ enters the Baltic States: first store in Lithuania – in 2019

The popular French fashion brand „Gémo“ entered the Baltic States - the first regional store was...