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Lithuania: New Minister of Finance
Fri, Jul 3 2009, 10:28 GMT
by Lars Christensen, Violeta Klyviene
- A new Finance Minister will be appointed today in Lithuania. The new Finance Minister Ingrida Simonyte has been deputy finance minister for the last 10 years.
- Simonyte will replace Algirdas Semeta, who has been appointed as Lithuania's representative at the European Commission.
Details
A new Finance Minister will be appointed today in Lithuania. The new Finance Minister Ingrida Simonyte has been deputy finance minister for the last 10 years and we view her as professional and well informed.
Assessment & Outlook
We think the appointment is good news. The new minister has a clear understanding of the problems facing the Lithuanian economy and particular public finances. Former Finance Minister Algirdas Semeta will become Lithuania's representative in the European Commission. We do not view this as an outright dismissal, but it is no secret that Semeta is very unpopular with the Lithuanian public and his relationship with the newly elected president has been quite bad.
We expect a continuation of previous fiscal policy options. Currently the government intends to implement a further tightening by cutting social spending and public wages and raise some taxes (VAT). All those measures will have a positive effect on next year’s budget as well. Lithuania’s budget deficit may widen to 13% of GDP in 2010 without significant fiscal tightening in 2009. Lithuania is expected to close the “excessive deficit procedure” by 2011, thus the restrictive fiscal policy stance is crucial, especially in 2010. Public wage cuts and VAT increases are not popular but there is general acceptance of the necessity of such measures. However, political consensus still has not been reached.
Published on Fri, Jul 3 2009, 10:30 GMT
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This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
Lithuania: Recovery or massive deflation? by Danske Bank A/S
Tue, Oct 27 2009, 13:16 GMT
EMEA Daily - Price decline continues to intensify in Latvia by Danske Bank A/S
Thu, Oct 8 2009, 05:33 GMT
Lithuania: another cut in ratings by Danske Bank A/S
Tue, Sep 29 2009, 08:58 GMT
EMEA Daily - Lithuanian August retail trade declined 23.1% y/y from -27.1% y/y in July by Danske Bank A/S
Tue, Sep 29 2009, 05:37 GMT
EMEA Daily - The pace of the contraction in Lithuanian industrial production moderated in July by Danske Bank A/S
Mon, Aug 24 2009, 06:56 GMT
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