Republic of Lithuania [electronic resource] : 2010 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Lithuania.
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TextSeries: IMF Staff Country Reports; Country Report ; No. 10/201Publication details: Washington, D.C. : International Monetary Fund, 2010Description: 1 online resource (58 p.)ISBN: 1455203793 :ISSN: 1934-7685Subject(s): Debt | Deficit | External Debt | Interest Rate | Interest | LithuaniaAdditional physical formats: Print Version:: Republic of Lithuania : 2010 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for LithuaniaOnline resources: IMF e-Library | IMF Book Store Abstract: Lithuania experienced a severe output decline. A large consolidation contained the deterioration in the fiscal deficit and safeguarded market financing. Further fiscal consolidation is needed to place deficits and debt on a sustainable path. Tackling the deficit in the social security system and expanding the revenue base will achieve adjustment in a sustainable, pro-growth, and equitable manner. A sustained recovery also hinges on the ability of the economy to rebalance toward tradables. The rising level of unemployment makes it imperative to advance with structural reforms.
Lithuania experienced a severe output decline. A large consolidation contained the deterioration in the fiscal deficit and safeguarded market financing. Further fiscal consolidation is needed to place deficits and debt on a sustainable path. Tackling the deficit in the social security system and expanding the revenue base will achieve adjustment in a sustainable, pro-growth, and equitable manner. A sustained recovery also hinges on the ability of the economy to rebalance toward tradables. The rising level of unemployment makes it imperative to advance with structural reforms.
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