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Seimas approved next year’s budget, providing strict saving measures to ensure the stability of the country and to strengthen Lithuania’s position in international markets, said Lithuanian President Dalia Grybauskaitė on 22 December, 15min.lt reports.

“The Seimas had the political will to approve next year’s budget and to ensure the stability of the country. This will strengthen Lithuania’s position in international markets and create opportunities for continuing key state projects,” – said the President.

“The budget provides further strict saving measures that are necessary in this economic climate. However, it takes into account the difficult situation of the population,” – said D.Grybauskaite.

On the evening of 22 December, the Seimas approved budget of 2012, which envisages that the public finance deficit will not exceed 3 percent of gross domestic product (GDP). Such a requirement is provided by the European Union (EU). According to the Lithuanian government, higher deficit will complicate the situation for Lithuania to borrow in international markets.

Seimas approved further budget cuts for State and Local Governments, Social Insurance Fund and the Compulsory Health Insurance, but the pensions reduced during crisis would be restored from January 1 to 2009 level.

Source: lithuaniatribune.com