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Fiscal rules in Lithuania
3 June, 2016
Algimantas RimkūnasVice Minister, Ministry of Finance of
Lithuania
Law on the Budget Structure
Financial Indicators of the State budget and Municipal Budgets
Law on Fiscal Discipline
Constitutional Law on the Implementation of the Fiscal Treaty
2
Evolution of National and EU Fiscal Regulations
Stability and Growth Pact (SGP)
SGP Reform
Six-Pack
Fiscal Compact
Two-Pack
EC Comm. on SGP Flexibility
19972005
2011
20122013 2015
20142007
1990
1991
Maastricht Treaty 1992
3
Comparison of Fiscal Aggregates Limited byNational and EU Legislation
Fiscal aggregate Regulated by EU legislation
Regulated by national legislation
General Government structural balance General Government nominal balance General Government expenditure growth
General Government debt
Subsector debt, guaranteed debt and change in debt liabilities
Subsector nominal and (or) structuralbalances
4Source: IMF report on EU fiscal rules
Although Set of Fiscal Rules Appears Complex ….
If to add-up national government‘ssubsectors rules– complexityincreases
5Source: Eurostat. EU average – based on number of EU members at a particular year. EU average debt for up to 1999 – the Euro zone figures due to absent data for the whole EU.
…the EU Fiscal Reforms Have Positive Impact on Fiscal Outcomes
0102030405060708090
100
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
-8,0-7,0-6,0-5,0-4,0-3,0-2,0-1,00,0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Six Pack
Two Pack
General Government balance, EU, % GDP
General Government debt, EU, % GDP
Stability and Growth Pact
SGP reform
6
Challenges of Fiscal Rules Application (I)
Structural balance
Output gap
One-offs
Expenditure growth: two rules (National and
EU)Methodological differences
Differences in scope
Expenditure growth
Exceptions for application
Dependence on past results
Valuation of investments, discretionary revenue measures, etc.
Potential GDP Calculation and Respective Disputesof Calculations – Both at the Core of Fiscal Rules
2,1
2,52,7
3,0 3,13,1
2,0
2,32,5
2,8
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
2014 2015 2016 2017 2018 2019
per c
ent
Potential output growth rate according to the MoF economic development scenario
(March 2016) using different length of time series
Potential output, calculated according to longer time seriesof the economic development scenarioPotential output, calculated according to shorter time seriesof the economic development scenario
1,0
0,2
-0,1
0,1 0,1 0,1
1,1
0,3 0,3
0,7
-0,2
0,0
0,2
0,4
0,6
0,8
1,0
1,2
2014 2015 2016 2017 2018 2019
% o
fpot
entia
lout
put
Output gap according to the MoF economic development scenario (March 2016) using
different length of time series
Output gap, calculated according to longer time seriesof the economic development scenarioOutput gap, calculated according to shorter time seriesof the economic development scenario
Shorter forecast horizon determines slower potential output g rowth
7
8
Challenges of Fiscal Rules Application (II)
Structural balance
Output gap
One-offs
Expenditure growth: two rules (National
and EU)Methodological differences
Differences in scope
Expenditure growth limit size
Exceptions for application
Dependence on past results
Valuation of investments, discretionary revenue measures,
etc.
More Space for Expenditure Growth If Structural Reforms Are Being Implemented
In 2016 Lithuania used an exception for pension reform
Stability program of Lithuania for 2016 addresses EC to approve the New Social Model as a structural reform exception within SGP rules
9
EU
regu
latio
n The EC evaluates the structural reform correspondence with EU SGP requirementsStructural reforms must meet these criteria:
Effect on public finance sustainability growthEffect on economic potential growth
Independent valuation analysis on effectsRegulations have to be adopted
Expenditure on structural reforms cannot exceed 0.5 % GDP
Source: Eurostat, Ministry of Finance calculations
Factual Deficit in 2015 in Lithuania was the Lowest Since Restoration of the Independence
Structural General Government balance, % GDP
MTO for 2016-2018 is set at 1 % GDP structural general government deficit
Based on assessment of the Stability Programme and taking into account the Commission 2016 spring forecast Lithuania is expected to comply with the provisions of the Stability and Growth Pact
-0,3-0,8
-3,1
-9,1
-6,9
-8,9
-3,1-2,6
-0,7-0,2
-0,8 0,0
-10,0-9,0-8,0-7,0-6,0-5,0-4,0-3,0-2,0-1,00,0
General Government balance, %GDP
-0,5
-0,7
0
-1,2
-1
-0,8
-0,6
-0,4
-0,2
02015* 2016** 2017**
Structural GGbalance, %GDP
MTO
10
Fiscal Outcomes in EU 2015
General Government balance 2015, % GDP Change in General Government expenditure 2015, p.p. GDP
Source: Eurostat
1,20,7
0,40
-0,2-0,4
-0,7-1
-1,2-1,3
-1,5-1,8-2
-2,1-2,1
-2,3-2,6-2,6-2,6-2,7
-2,9-3
-3,2-3,5
-4,4-4,4
-5,1-7,2
-8 -6 -4 -2 0 2
LuxembourgGermany
EstoniaSweden
LithuaniaCzech Republic
RomaniaCyprusAustriaLatviaMalta
NetherlandsHungaryBulgaria
DenmarkIreland
BelgiumItaly
PolandFinland
SloveniaSlovakiaCroatiaFrance
PortugalUnited Kingdom
SpainGreece
-8,6-3,5-3,4
-1,9-1,9
-1,3-1,3-1,2-1,2-1,2-0,9-0,9-0,7-0,7-0,7-0,5-0,4-0,3-0,3-0,2
0,10,20,3
0,91,21,5
3,74,6
-10 -5 0 5 10
CyprusIreland
PortugalBulgariaSlovenia
NetherlandsSwedenBelgium
SpainCroatia
LuxembourgAustria
United KingdomItaly
PolandFrance
GermanyDenmark
LatviaCzech Republic
MaltaFinland
LithuaniaHungaryRomaniaEstoniaSlovakiaGreece
General Government Debt, % of GDP
12
Government Debt at the Manageable Level
Source: Ministry of Finance
40 39.9
35.7
42.7
41.1
43.3
38.139
0
5
10
15
20
25
30
35
40
45
50
2015 2016 2017 2018 2019Debt without prefunding Debt including prefunding
Responsible Fiscal Policy Results in Higher Credit Ratings and Lower Interest Expenditure
13Source: Ministry of Finance
General Government interest expenditure % GDP
1,8
1,61,5
1,41,3
1,00,9
0,0
0,2
0,4
0,6
0,8
1,0
1,2
1,4
1,6
1,8
2,0
2013 2014 2015 2016 p. 2017 p. 2018 p. 2019 p.
Diagrama1
40084
42131
42132
42461
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Moody's
9
9
10
10
Data
Reitingai
Moody'sMoody'sStandard & Poor'sFitch RatingsAaaAAA16
4/23/09A3102/24/09BBB+94/8/09BBB81/1/1240909Aa1AA+15
2012 m.2013 m.2014 m.2015 m.2016 m. prognozė2017 m. prognozė2018 m. prognozė9/28/09Baa193/24/09BBB84/4/13BBB84/1/1642461Aa2AA14
Valdžios sektoriaus skola % BVP39.838.840.742.540.842.335.95/7/15Baa198/17/09BBB84/5/13BBB+9Aa3AA-13
Valdžios sektoriaus skola neįtraukiant išankstinio lėšų kaupimo didelės apimties euroobligacijų emisijoms išpirkti, % BVP38.338.837.939.840.838.935.95/8/15A3104/10/14BBB86/24/14BBB+9A1A+12
Skolos valstybės vardu valdymo programos išlaidos, mln. Eur596.6780583874596.6974629286622.125231696583.9583.74/1/16A3104/11/14A-106/25/14A-10A2A11
Valstybės mokamos palūkanos už valstybės vardu pasiskolintas lėšas, mln. Eur591.702386469591.9103336423618.6574.3576.24/1/16A-104/1/16A-10A3A-10
Baa1BBB+9
Baa2BBB8
Baa3BBB-7
Ba1BB+6
Ba2BB5
Ba3BB-4
B1B+3
B2B2
B3B-1
Caa1CCC+
Caa2CCC
Caa3CCC-
CaCC
CC
WRD
NR
Pastaba: 2015 metais valdžios sektoriaus skolos padidėjimą nulėmė Europos Sąjungos paramos 2007-2013 ir 2014-2020 m. programų lėšų disbalansas.
Valdžios sektoriaus palūkanų norma
2012 m.5.231059178693.913265
2013 m.4.847907934661.113636.81013
2014 m.4.383759771649.914825.17369
2015 m.3.9792725463215882.29994
2016 m.3.94709727562615859.75608
CountryMoody’sStandard & Poor’sFitch
LithuaniaA3A-A-LietuvaA3A-A-
LatviaA3A-A-LatvijaA3A-A-
EstoniaA1AA-A+EstijaA1AA-A+
HungaryBa1*BB+BB+*ČekijaA1AA-A+
Czech RepublicA1AA-A+SlovakijaA2A+A+
SlovakiaA2A+A+LenkijaA2BBB+A-
PolandA2BBB+**A-
Data
Valdžios sektoriaus skola % BVP
Valdžios sektoriaus skola neįtraukiant išankstinio lėšų kaupimo didelės apimties euroobligacijų emisijoms išpirkti, % BVP
Bonds
Lapas3
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Moody's
Standard & Poor's
Fitch Ratings
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Moody's
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Standard & Poor's
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Fitch Ratings
LITHUN 3.375 01/22/2024 Govt3/21/164/1/164/19/1312/18/12
DateYLD_YTM_BID3 mėn.0.02958904110.02958904110.3450.38
1899.12.310.2616 mėn.0.02958904110.02958904110.50.475
4/1/160.2621 m.0.03560547950.03175890410.6950.595
3/31/160.2692 m.0.05962566840.05462566841.471.1
3/30/160.2813 m.0.16260.12381.7851.605
3/29/160.2814 m.0.29506976740.24630232562.3252.08
3/24/160.2965 m.0.41677811550.36691489362.672.465
3/23/160.2976 m.0.59345419850.54454198472.83752.7575
3/22/160.2967 m.0.73816855750.69884927073.0053.05
3/21/160.2978 m.0.8805348460.85307941653.27166666673.37
3/18/160.2959 m.1.02251215561.00688816863.8053.69
3/17/160.29610 m.1.16448946521.16069692063.8054.01
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5/9/142.782
5/8/142.794
5/7/142.87
5/6/142.926
5/5/142.924
5/2/142.932
5/1/142.938
4/30/142.938
4/29/142.943
4/28/142.948
4/25/142.941
4/24/142.942
4/23/142.938
4/22/142.952
4/21/142.956
4/18/142.961
4/17/142.941
4/16/142.934
4/15/142.924
4/14/142.935
4/11/142.92
4/10/143.015
4/9/143.064
4/8/143.07
4/7/143.1
4/4/143.088
4/3/143.126
4/2/143.119
4/1/143.088
3/31/143.088
3/28/143.084
3/27/143.083
3/26/143.088
3/25/143.097
3/24/143.096
3/21/143.1
3/20/143.098
3/19/143.049
3/18/143.056
3/17/143.051
3/14/143.054
3/13/143.01
3/12/143.014
3/11/143.009
3/10/143.009
3/7/143.007
3/6/142.983
3/5/142.991
3/4/142.975
3/3/143.011
2/28/143.012
2/27/142.982
2/26/143.012
2/25/143.048
2/24/143.049
2/21/143.063
2/20/143.039
2/19/143.046
2/18/143.057
2/17/143.1
2/14/143.117
2/13/143.111
2/12/143.136
2/11/143.134
2/10/143.19
2/7/143.194
2/6/143.228
2/5/143.272
2/4/143.322
2/3/143.39
1/31/143.4
1/30/143.432
1/29/143.405
1/28/143.397
1/27/143.402
1/24/143.363
1/23/143.367
1/22/143.37
1/21/143.403
1/20/143.408
2016-04-01
2012-12-18
Diagrama1
39896
40042
41739
41740
42461
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Standard & Poor's
8
8
8
10
10
Data
Reitingai
Moody'sMoody'sStandard & Poor'sFitch RatingsAaaAAA16
4/23/09A3102/24/09BBB+94/8/09BBB81/1/1240909Aa1AA+15
2012 m.2013 m.2014 m.2015 m.2016 m. prognozė2017 m. prognozė2018 m. prognozė9/28/09Baa193/24/09BBB84/4/13BBB84/1/1642461Aa2AA14
Valdžios sektoriaus skola % BVP39.838.840.742.540.842.335.95/7/15Baa198/17/09BBB84/5/13BBB+9Aa3AA-13
Valdžios sektoriaus skola neįtraukiant išankstinio lėšų kaupimo didelės apimties euroobligacijų emisijoms išpirkti, % BVP38.338.837.939.840.838.935.95/8/15A3104/10/14BBB86/24/14BBB+9A1A+12
Skolos valstybės vardu valdymo programos išlaidos, mln. Eur596.6780583874596.6974629286622.125231696583.9583.74/1/16A3104/11/14A-106/25/14A-10A2A11
Valstybės mokamos palūkanos už valstybės vardu pasiskolintas lėšas, mln. Eur591.702386469591.9103336423618.6574.3576.24/1/16A-104/1/16A-10A3A-10
Baa1BBB+9
Baa2BBB8
Baa3BBB-7
Ba1BB+6
Ba2BB5
Ba3BB-4
B1B+3
B2B2
B3B-1
Caa1CCC+
Caa2CCC
Caa3CCC-
CaCC
CC
WRD
NR
Pastaba: 2015 metais valdžios sektoriaus skolos padidėjimą nulėmė Europos Sąjungos paramos 2007-2013 ir 2014-2020 m. programų lėšų disbalansas.
Valdžios sektoriaus palūkanų norma
2012 m.5.231059178693.913265
2013 m.4.847907934661.113636.81013
2014 m.4.383759771649.914825.17369
2015 m.3.9792725463215882.29994
2016 m.3.94709727562615859.75608
CountryMoody’sStandard & Poor’sFitch
LithuaniaA3A-A-LietuvaA3A-A-
LatviaA3A-A-LatvijaA3A-A-
EstoniaA1AA-A+EstijaA1AA-A+
HungaryBa1*BB+BB+*ČekijaA1AA-A+
Czech RepublicA1AA-A+SlovakijaA2A+A+
SlovakiaA2A+A+LenkijaA2BBB+A-
PolandA2BBB+**A-
Data
Valdžios sektoriaus skola % BVP
Valdžios sektoriaus skola neįtraukiant išankstinio lėšų kaupimo didelės apimties euroobligacijų emisijoms išpirkti, % BVP
Bonds
Lapas3
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Moody's
Standard & Poor's
Fitch Ratings
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Moody's
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Standard & Poor's
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Fitch Ratings
LITHUN 3.375 01/22/2024 Govt3/21/164/1/164/19/1312/18/12
DateYLD_YTM_BID3 mėn.0.02958904110.02958904110.3450.38
1899.12.310.2616 mėn.0.02958904110.02958904110.50.475
4/1/160.2621 m.0.03560547950.03175890410.6950.595
3/31/160.2692 m.0.05962566840.05462566841.471.1
3/30/160.2813 m.0.16260.12381.7851.605
3/29/160.2814 m.0.29506976740.24630232562.3252.08
3/24/160.2965 m.0.41677811550.36691489362.672.465
3/23/160.2976 m.0.59345419850.54454198472.83752.7575
3/22/160.2967 m.0.73816855750.69884927073.0053.05
3/21/160.2978 m.0.8805348460.85307941653.27166666673.37
3/18/160.2959 m.1.02251215561.00688816863.8053.69
3/17/160.29610 m.1.16448946521.16069692063.8054.01
3/16/160.345
3/15/160.352
3/14/160.382
3/11/160.406
3/10/160.411
3/9/160.425
3/8/160.426
3/7/160.439
3/4/160.421
3/3/160.421
3/2/160.426
3/1/160.425
2/29/160.447
2/26/160.472
2/25/160.476
2/24/160.49
2/23/160.509
2/22/160.525
2/19/160.529
2/18/160.538
2/17/160.546
2/16/160.558
2/15/160.558
2/12/160.559
2/11/160.56
2/10/160.59
2/9/160.592
2/8/160.603
2/5/160.63
2/4/160.626
2/3/160.629
2/2/160.652
2/1/160.652
1/29/160.658
1/28/160.683
1/27/160.689
1/26/160.707
1/25/160.719
1/22/160.722
1/21/160.72
1/20/160.746
1/19/160.758
1/18/160.759
1/15/160.759
1/14/160.779
1/13/160.756
1/12/160.77
1/11/160.764
1/8/160.775
1/7/160.766
1/6/160.778
1/5/160.809
1/4/160.839
12/31/150.839
12/30/150.84
12/29/150.831
12/28/150.847
12/24/150.825
12/23/150.831
12/22/150.834
12/21/150.834
12/18/150.833
12/17/150.853
12/16/150.854
12/15/150.853
12/14/150.863
12/11/150.854
12/10/150.854
12/9/150.864
12/8/150.872
12/7/150.874
12/4/150.889
12/3/150.864
12/2/150.807
12/1/150.852
11/30/150.882
11/27/150.907
11/26/150.941
11/25/150.956
11/24/150.998
11/23/150.998
11/20/150.989
11/19/150.991
11/18/151.008
11/17/151.021
11/16/151.036
11/13/151.036
11/12/151.046
11/11/151.068
11/10/151.064
11/9/151.063
11/6/151.054
11/5/151.026
11/4/151.029
11/3/151.029
11/2/151.034
10/30/151.028
10/29/151.04
10/28/151.028
10/27/151.029
10/26/151.056
10/23/151.06
10/22/151.048
10/21/151.079
10/20/151.06
10/19/151.052
10/16/151.041
10/15/151.04
10/14/151.018
10/13/151.015
10/12/150.992
10/9/150.988
10/8/150.941
10/7/150.943
10/6/150.942
10/5/150.942
10/2/150.957
10/1/150.97
9/30/150.974
9/29/150.983
9/28/150.979
9/25/150.978
9/24/150.937
9/23/150.939
9/22/150.945
9/21/150.949
9/18/150.953
9/17/151.034
9/16/151.034
9/15/151.001
9/14/150.938
9/11/150.936
9/10/150.948
9/9/150.941
9/8/150.963
9/7/150.964
9/4/150.966
9/3/150.969
9/2/151.019
9/1/150.978
8/31/150.944
8/28/150.969
8/27/150.947
8/26/150.933
8/25/150.92
8/24/150.909
8/21/150.908
8/20/150.899
8/19/150.913
8/18/150.906
8/17/150.913
8/14/150.982
8/13/150.97
8/12/150.99
8/11/151.035
8/10/151.067
8/7/151.061
8/6/151.09
8/5/151.081
8/4/151.08
8/3/151.106
7/31/151.112
7/30/151.164
7/29/151.186
7/28/151.214
7/27/151.231
7/24/151.252
7/23/151.28
7/22/151.318
7/21/151.339
7/20/151.332
7/17/151.345
7/16/151.367
7/15/151.379
7/14/151.409
7/13/151.413
7/10/151.416
7/9/151.407
7/8/151.401
7/7/151.401
7/6/151.435
7/3/151.444
7/2/151.449
7/1/151.444
6/30/151.466
6/29/151.454
6/26/151.412
6/25/151.408
6/24/151.405
6/23/151.41
6/22/151.41
6/19/151.431
6/18/151.437
6/17/151.439
6/16/151.412
6/15/151.353
6/12/151.352
6/11/151.324
6/10/151.308
6/9/151.213
6/8/151.146
6/5/151.143
6/4/151.133
6/3/151.073
6/2/151.001
6/1/150.978
5/29/150.968
5/28/150.973
5/27/150.98
5/26/150.972
5/25/150.957
5/22/150.948
5/21/150.974
5/20/150.949
5/19/150.938
5/18/150.969
5/15/150.957
5/14/150.975
5/13/150.96
5/12/150.969
5/11/150.875
5/8/150.875
5/7/150.898
5/6/150.83
5/5/150.737
5/4/150.662
5/1/150.607
4/30/150.582
4/29/150.524
4/28/150.503
4/27/150.496
4/24/150.495
4/23/150.497
4/22/150.487
4/21/150.484
4/20/150.471
4/17/150.468
4/16/150.468
4/15/150.477
4/14/150.478
4/13/150.471
4/10/150.47
4/9/150.467
4/8/150.465
4/7/150.465
4/3/150.447
4/2/150.468
4/1/150.461
3/31/150.464
3/30/150.448
3/27/150.441
3/26/150.442
3/25/150.443
3/24/150.461
3/23/150.459
3/20/150.447
3/19/150.479
3/18/150.491
3/17/150.53
3/16/150.529
3/13/150.532
3/12/150.541
3/11/150.567
3/10/150.593
3/9/150.642
3/6/150.665
3/5/150.667
3/4/150.668
3/3/150.673
3/2/150.67
2/27/150.659
2/26/150.67
2/25/150.682
2/24/150.702
2/23/150.708
2/20/150.691
2/19/150.701
2/18/150.7
2/17/150.695
2/16/150.684
2/13/150.684
2/12/150.7
2/11/150.737
2/10/150.874
2/9/150.91
2/6/150.901
2/5/150.901
2/4/150.916
2/3/150.903
2/2/150.917
1/30/150.924
1/29/150.931
1/28/150.936
1/27/150.952
1/26/150.947
1/23/150.931
1/22/151
1/21/151.007
1/20/151.008
1/19/151.066
1/16/151.088
1/15/151.108
1/14/151.128
1/13/151.173
1/12/151.193
1/9/151.199
1/8/151.204
1/7/151.226
1/6/151.305
1/5/151.415
1/2/151.566
12/31/141.572
12/30/141.555
12/29/141.572
12/24/141.599
12/23/141.59
12/22/141.617
12/19/141.605
12/18/141.622
12/17/141.664
12/16/141.691
12/15/141.644
12/12/141.64
12/11/141.627
12/10/141.632
12/9/141.631
12/8/141.635
12/5/141.671
12/4/141.67
12/3/141.683
12/2/141.693
12/1/141.684
11/28/141.687
11/27/141.695
11/26/141.711
11/25/141.719
11/24/141.73
11/21/141.73
11/20/141.745
11/19/141.763
11/18/141.75
11/17/141.759
11/14/141.768
11/13/141.773
11/12/141.789
11/11/141.796
11/10/141.805
11/7/141.821
11/6/141.831
11/5/141.847
11/4/141.855
11/3/141.858
10/31/141.861
10/30/141.864
10/29/141.865
10/28/141.862
10/27/141.861
10/24/141.865
10/23/141.864
10/22/141.834
10/21/141.783
10/20/141.779
10/17/141.792
10/16/141.777
10/15/141.715
10/14/141.803
10/13/141.841
10/10/141.823
10/9/141.824
10/8/141.857
10/7/141.884
10/6/141.894
10/3/141.896
10/2/141.914
10/1/141.925
9/30/141.967
9/29/141.97
9/26/141.971
9/25/141.946
9/24/141.963
9/23/141.968
9/22/141.998
9/19/142.034
9/18/142.048
9/17/142.031
9/16/142.028
9/15/142.016
9/12/142.01
9/11/141.996
9/10/141.997
9/9/141.987
9/8/141.97
9/5/141.983
9/4/141.992
9/3/142.021
9/2/142.025
9/1/142.013
8/29/141.999
8/28/142.01
8/27/142.044
8/26/142.106
8/25/142.13
8/22/142.163
8/21/142.188
8/20/142.194
8/19/142.196
8/18/142.221
8/15/142.216
8/14/142.227
8/13/142.265
8/12/142.277
8/11/142.288
8/8/142.308
8/7/142.306
8/6/142.308
8/5/142.27
8/4/142.263
8/1/142.248
7/31/142.236
7/30/142.182
7/29/142.189
7/28/142.239
7/25/142.261
7/24/142.313
7/23/142.334
7/22/142.384
7/21/142.383
7/18/142.383
7/17/142.38
7/16/142.382
7/15/142.389
7/14/142.402
7/11/142.395
7/10/142.401
7/9/142.392
7/8/142.394
7/7/142.422
7/4/142.42
7/3/142.42
7/2/142.394
7/1/142.372
6/30/142.351
6/27/142.344
6/26/142.325
6/25/142.335
6/24/142.347
6/23/142.356
6/20/142.371
6/19/142.343
6/18/142.389
6/17/142.38
6/16/142.371
6/13/142.368
6/12/142.369
6/11/142.412
6/10/142.445
6/9/142.544
6/6/142.553
6/5/142.665
6/4/142.699
6/3/142.706
6/2/142.736
5/30/142.74
5/29/142.738
5/28/142.744
5/27/142.771
5/26/142.778
5/23/142.793
5/22/142.793
5/21/142.79
5/20/142.763
5/19/142.756
5/16/142.754
5/15/142.719
5/14/142.754
5/13/142.772
5/12/142.78
5/9/142.782
5/8/142.794
5/7/142.87
5/6/142.926
5/5/142.924
5/2/142.932
5/1/142.938
4/30/142.938
4/29/142.943
4/28/142.948
4/25/142.941
4/24/142.942
4/23/142.938
4/22/142.952
4/21/142.956
4/18/142.961
4/17/142.941
4/16/142.934
4/15/142.924
4/14/142.935
4/11/142.92
4/10/143.015
4/9/143.064
4/8/143.07
4/7/143.1
4/4/143.088
4/3/143.126
4/2/143.119
4/1/143.088
3/31/143.088
3/28/143.084
3/27/143.083
3/26/143.088
3/25/143.097
3/24/143.096
3/21/143.1
3/20/143.098
3/19/143.049
3/18/143.056
3/17/143.051
3/14/143.054
3/13/143.01
3/12/143.014
3/11/143.009
3/10/143.009
3/7/143.007
3/6/142.983
3/5/142.991
3/4/142.975
3/3/143.011
2/28/143.012
2/27/142.982
2/26/143.012
2/25/143.048
2/24/143.049
2/21/143.063
2/20/143.039
2/19/143.046
2/18/143.057
2/17/143.1
2/14/143.117
2/13/143.111
2/12/143.136
2/11/143.134
2/10/143.19
2/7/143.194
2/6/143.228
2/5/143.272
2/4/143.322
2/3/143.39
1/31/143.4
1/30/143.432
1/29/143.405
1/28/143.397
1/27/143.402
1/24/143.363
1/23/143.367
1/22/143.37
1/21/143.403
1/20/143.408
2016-04-01
2012-12-18
Diagrama1
39911
41368
41369
41814
41815
42461
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Fitch Ratings
8
8
9
9
10
10
Data
Reitingai
Moody'sMoody'sStandard & Poor'sFitch RatingsAaaAAA16
4/23/09A3102/24/09BBB+94/8/09BBB81/1/1240909Aa1AA+15
2012 m.2013 m.2014 m.2015 m.2016 m. prognozė2017 m. prognozė2018 m. prognozė9/28/09Baa193/24/09BBB84/4/13BBB84/1/1642461Aa2AA14
Valdžios sektoriaus skola % BVP39.838.840.742.540.842.335.95/7/15Baa198/17/09BBB84/5/13BBB+9Aa3AA-13
Valdžios sektoriaus skola neįtraukiant išankstinio lėšų kaupimo didelės apimties euroobligacijų emisijoms išpirkti, % BVP38.338.837.939.840.838.935.95/8/15A3104/10/14BBB86/24/14BBB+9A1A+12
Skolos valstybės vardu valdymo programos išlaidos, mln. Eur596.6780583874596.6974629286622.125231696583.9583.74/1/16A3104/11/14A-106/25/14A-10A2A11
Valstybės mokamos palūkanos už valstybės vardu pasiskolintas lėšas, mln. Eur591.702386469591.9103336423618.6574.3576.24/1/16A-104/1/16A-10A3A-10
Baa1BBB+9
Baa2BBB8
Baa3BBB-7
Ba1BB+6
Ba2BB5
Ba3BB-4
B1B+3
B2B2
B3B-1
Caa1CCC+
Caa2CCC
Caa3CCC-
CaCC
CC
WRD
NR
Pastaba: 2015 metais valdžios sektoriaus skolos padidėjimą nulėmė Europos Sąjungos paramos 2007-2013 ir 2014-2020 m. programų lėšų disbalansas.
Valdžios sektoriaus palūkanų norma
2012 m.5.231059178693.913265
2013 m.4.847907934661.113636.81013
2014 m.4.383759771649.914825.17369
2015 m.3.9792725463215882.29994
2016 m.3.94709727562615859.75608
CountryMoody’sStandard & Poor’sFitch
LithuaniaA3A-A-LietuvaA3A-A-
LatviaA3A-A-LatvijaA3A-A-
EstoniaA1AA-A+EstijaA1AA-A+
HungaryBa1*BB+BB+*ČekijaA1AA-A+
Czech RepublicA1AA-A+SlovakijaA2A+A+
SlovakiaA2A+A+LenkijaA2BBB+A-
PolandA2BBB+**A-
Data
Valdžios sektoriaus skola % BVP
Valdžios sektoriaus skola neįtraukiant išankstinio lėšų kaupimo didelės apimties euroobligacijų emisijoms išpirkti, % BVP
Bonds
Lapas3
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Moody's
Standard & Poor's
Fitch Ratings
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Moody's
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Standard & Poor's
A3/A-
Baa1/BBB+
Baa2/BBB
A2/A
Baa3/BBB-
Fitch Ratings
LITHUN 3.375 01/22/2024 Govt3/21/164/1/164/19/1312/18/12
DateYLD_YTM_BID3 mėn.0.02958904110.02958904110.3450.38
1899.12.310.2616 mėn.0.02958904110.02958904110.50.475
4/1/160.2621 m.0.03560547950.03175890410.6950.595
3/31/160.2692 m.0.05962566840.05462566841.471.1
3/30/160.2813 m.0.16260.12381.7851.605
3/29/160.2814 m.0.29506976740.24630232562.3252.08
3/24/160.2965 m.0.41677811550.36691489362.672.465
3/23/160.2976 m.0.59345419850.54454198472.83752.7575
3/22/160.2967 m.0.73816855750.69884927073.0053.05
3/21/160.2978 m.0.8805348460.85307941653.27166666673.37
3/18/160.2959 m.1.02251215561.00688816863.8053.69
3/17/160.29610 m.1.16448946521.16069692063.8054.01
3/16/160.345
3/15/160.352
3/14/160.382
3/11/160.406
3/10/160.411
3/9/160.425
3/8/160.426
3/7/160.439
3/4/160.421
3/3/160.421
3/2/160.426
3/1/160.425
2/29/160.447
2/26/160.472
2/25/160.476
2/24/160.49
2/23/160.509
2/22/160.525
2/19/160.529
2/18/160.538
2/17/160.546
2/16/160.558
2/15/160.558
2/12/160.559
2/11/160.56
2/10/160.59
2/9/160.592
2/8/160.603
2/5/160.63
2/4/160.626
2/3/160.629
2/2/160.652
2/1/160.652
1/29/160.658
1/28/160.683
1/27/160.689
1/26/160.707
1/25/160.719
1/22/160.722
1/21/160.72
1/20/160.746
1/19/160.758
1/18/160.759
1/15/160.759
1/14/160.779
1/13/160.756
1/12/160.77
1/11/160.764
1/8/160.775
1/7/160.766
1/6/160.778
1/5/160.809
1/4/160.839
12/31/150.839
12/30/150.84
12/29/150.831
12/28/150.847
12/24/150.825
12/23/150.831
12/22/150.834
12/21/150.834
12/18/150.833
12/17/150.853
12/16/150.854
12/15/150.853
12/14/150.863
12/11/150.854
12/10/150.854
12/9/150.864
12/8/150.872
12/7/150.874
12/4/150.889
12/3/150.864
12/2/150.807
12/1/150.852
11/30/150.882
11/27/150.907
11/26/150.941
11/25/150.956
11/24/150.998
11/23/150.998
11/20/150.989
11/19/150.991
11/18/151.008
11/17/151.021
11/16/151.036
11/13/151.036
11/12/151.046
11/11/151.068
11/10/151.064
11/9/151.063
11/6/151.054
11/5/151.026
11/4/151.029
11/3/151.029
11/2/151.034
10/30/151.028
10/29/151.04
10/28/151.028
10/27/151.029
10/26/151.056
10/23/151.06
10/22/151.048
10/21/151.079
10/20/151.06
10/19/151.052
10/16/151.041
10/15/151.04
10/14/151.018
10/13/151.015
10/12/150.992
10/9/150.988
10/8/150.941
10/7/150.943
10/6/150.942
10/5/150.942
10/2/150.957
10/1/150.97
9/30/150.974
9/29/150.983
9/28/150.979
9/25/150.978
9/24/150.937
9/23/150.939
9/22/150.945
9/21/150.949
9/18/150.953
9/17/151.034
9/16/151.034
9/15/151.001
9/14/150.938
9/11/150.936
9/10/150.948
9/9/150.941
9/8/150.963
9/7/150.964
9/4/150.966
9/3/150.969
9/2/151.019
9/1/150.978
8/31/150.944
8/28/150.969
8/27/150.947
8/26/150.933
8/25/150.92
8/24/150.909
8/21/150.908
8/20/150.899
8/19/150.913
8/18/150.906
8/17/150.913
8/14/150.982
8/13/150.97
8/12/150.99
8/11/151.035
8/10/151.067
8/7/151.061
8/6/151.09
8/5/151.081
8/4/151.08
8/3/151.106
7/31/151.112
7/30/151.164
7/29/151.186
7/28/151.214
7/27/151.231
7/24/151.252
7/23/151.28
7/22/151.318
7/21/151.339
7/20/151.332
7/17/151.345
7/16/151.367
7/15/151.379
7/14/151.409
7/13/151.413
7/10/151.416
7/9/151.407
7/8/151.401
7/7/151.401
7/6/151.435
7/3/151.444
7/2/151.449
7/1/151.444
6/30/151.466
6/29/151.454
6/26/151.412
6/25/151.408
6/24/151.405
6/23/151.41
6/22/151.41
6/19/151.431
6/18/151.437
6/17/151.439
6/16/151.412
6/15/151.353
6/12/151.352
6/11/151.324
6/10/151.308
6/9/151.213
6/8/151.146
6/5/151.143
6/4/151.133
6/3/151.073
6/2/151.001
6/1/150.978
5/29/150.968
5/28/150.973
5/27/150.98
5/26/150.972
5/25/150.957
5/22/150.948
5/21/150.974
5/20/150.949
5/19/150.938
5/18/150.969
5/15/150.957
5/14/150.975
5/13/150.96
5/12/150.969
5/11/150.875
5/8/150.875
5/7/150.898
5/6/150.83
5/5/150.737
5/4/150.662
5/1/150.607
4/30/150.582
4/29/150.524
4/28/150.503
4/27/150.496
4/24/150.495
4/23/150.497
4/22/150.487
4/21/150.484
4/20/150.471
4/17/150.468
4/16/150.468
4/15/150.477
4/14/150.478
4/13/150.471
4/10/150.47
4/9/150.467
4/8/150.465
4/7/150.465
4/3/150.447
4/2/150.468
4/1/150.461
3/31/150.464
3/30/150.448
3/27/150.441
3/26/150.442
3/25/150.443
3/24/150.461
3/23/150.459
3/20/150.447
3/19/150.479
3/18/150.491
3/17/150.53
3/16/150.529
3/13/150.532
3/12/150.541
3/11/150.567
3/10/150.593
3/9/150.642
3/6/150.665
3/5/150.667
3/4/150.668
3/3/150.673
3/2/150.67
2/27/150.659
2/26/150.67
2/25/150.682
2/24/150.702
2/23/150.708
2/20/150.691
2/19/150.701
2/18/150.7
2/17/150.695
2/16/150.684
2/13/150.684
2/12/150.7
2/11/150.737
2/10/150.874
2/9/150.91
2/6/150.901
2/5/150.901
2/4/150.916
2/3/150.903
2/2/150.917
1/30/150.924
1/29/150.931
1/28/150.936
1/27/150.952
1/26/150.947
1/23/150.931
1/22/151
1/21/151.007
1/20/151.008
1/19/151.066
1/16/151.088
1/15/151.108
1/14/151.128
1/13/151.173
1/12/151.193
1/9/151.199
1/8/151.204
1/7/151.226
1/6/151.305
1/5/151.415
1/2/151.566
12/31/141.572
12/30/141.555
12/29/141.572
12/24/141.599
12/23/141.59
12/22/141.617
12/19/141.605
12/18/141.622
12/17/141.664
12/16/141.691
12/15/141.644
12/12/141.64
12/11/141.627
12/10/141.632
12/9/141.631
12/8/141.635
12/5/141.671
12/4/141.67
12/3/141.683
12/2/141.693
12/1/141.684
11/28/141.687
11/27/141.695
11/26/141.711
11/25/141.719
11/24/141.73
11/21/141.73
11/20/141.745
11/19/141.763
11/18/141.75
11/17/141.759
11/14/141.768
11/13/141.773
11/12/141.789
11/11/141.796
11/10/141.805
11/7/141.821
11/6/141.831
11/5/141.847
11/4/141.855
11/3/141.858
10/31/141.861
10/30/141.864
10/29/141.865
10/28/141.862
10/27/141.861
10/24/141.865
10/23/141.864
10/22/141.834
10/21/141.783
10/20/141.779
10/17/141.792
10/16/141.777
10/15/141.715
10/14/141.803
10/13/141.841
10/10/141.823
10/9/141.824
10/8/141.857
10/7/141.884
10/6/141.894
10/3/141.896
10/2/141.914
10/1/141.925
9/30/141.967
9/29/141.97
9/26/141.971
9/25/141.946
9/24/141.963
9/23/141.968
9/22/141.998
9/19/142.034
9/18/142.048
9/17/142.031
9/16/142.028
9/15/142.016
9/12/142.01
9/11/141.996
9/10/141.997
9/9/141.987
9/8/141.97
9/5/141.983
9/4/141.992
9/3/142.021
9/2/142.025
9/1/142.013
8/29/141.999
8/28/142.01
8/27/142.044
8/26/142.106
8/25/142.13
8/22/142.163
8/21/142.188
8/20/142.194
8/19/142.196
8/18/142.221
8/15/142.216
8/14/142.227
8/13/142.265
8/12/142.277
8/11/142.288
8/8/142.308
8/7/142.306
8/6/142.308
8/5/142.27
8/4/142.263
8/1/142.248
7/31/142.236
7/30/142.182
7/29/142.189
7/28/142.239
7/25/142.261
7/24/142.313
7/23/142.334
7/22/142.384
7/21/142.383
7/18/142.383
7/17/142.38
7/16/142.382
7/15/142.389
7/14/142.402
7/11/142.395
7/10/142.401
7/9/142.392
7/8/142.394
7/7/142.422
7/4/142.42
7/3/142.42
7/2/142.394
7/1/142.372
6/30/142.351
6/27/142.344
6/26/142.325
6/25/142.335
6/24/142.347
6/23/142.356
6/20/142.371
6/19/142.343
6/18/142.389
6/17/142.38
6/16/142.371
6/13/142.368
6/12/142.369
6/11/142.412
6/10/142.445
6/9/142.544
6/6/142.553
6/5/142.665
6/4/142.699
6/3/142.706
6/2/142.736
5/30/142.74
5/29/142.738
5/28/142.744
5/27/142.771
5/26/142.778
5/23/142.793
5/22/142.793
5/21/142.79
5/20/142.763
5/19/142.756
5/16/142.754
5/15/142.719
5/14/142.754
5/13/142.772
5/12/142.78
5/9/142.782
5/8/142.794
5/7/142.87
5/6/142.926
5/5/142.924
5/2/142.932
5/1/142.938
4/30/142.938
4/29/142.943
4/28/142.948
4/25/142.941
4/24/142.942
4/23/142.938
4/22/142.952
4/21/142.956
4/18/142.961
4/17/142.941
4/16/142.934
4/15/142.924
4/14/142.935
4/11/142.92
4/10/143.015
4/9/143.064
4/8/143.07
4/7/143.1
4/4/143.088
4/3/143.126
4/2/143.119
4/1/143.088
3/31/143.088
3/28/143.084
3/27/143.083
3/26/143.088
3/25/143.097
3/24/143.096
3/21/143.1
3/20/143.098
3/19/143.049
3/18/143.056
3/17/143.051
3/14/143.054
3/13/143.01
3/12/143.014
3/11/143.009
3/10/143.009
3/7/143.007
3/6/142.983
3/5/142.991
3/4/142.975
3/3/143.011
2/28/143.012
2/27/142.982
2/26/143.012
2/25/143.048
2/24/143.049
2/21/143.063
2/20/143.039
2/19/143.046
2/18/143.057
2/17/143.1
2/14/143.117
2/13/143.111
2/12/143.136
2/11/143.134
2/10/143.19
2/7/143.194
2/6/143.228
2/5/143.272
2/4/143.322
2/3/143.39
1/31/143.4
1/30/143.432
1/29/143.405
1/28/143.397
1/27/143.402
1/24/143.363
1/23/143.367
1/22/143.37
1/21/143.403
1/20/143.408
2016-04-01
2012-12-18
Pending National Challenges: Public Finance Quality Enhancement
14Source: Eurostat, preliminary data for 2015 by Statistics Lithuania
Tax Revenue to GDP Ratio, % of GDP
38,7 39,039,3 39,3 39,2 38,5 38,5 38,9
39,6 39,940,0
39,2 39,4 39,9 40,0 39,6 39,3 39,2 39,740,7
41,2 41,5
29,3 29,5 30,4 30,430,9 30,6 28,7
27,6 27,3 27,428,0
29,5*
27,8 28,128,9 28,4 28,1 27,5 28,0
27,9 28,7 28,729,2
31,330,1 30,7
31,4 31,6
35,1
33,531,7 31,7 31,7
32,5
25,0
27,0
29,0
31,0
33,0
35,0
37,0
39,0
41,0
43,0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
EU-28EA - 19LithuaniaLatviaEstonia
• Better tax revenue administration• More effective and efficient public expenditure• More communication to society on where tax revenue is spent
Thank you for your attention
Fiscal rules in LithuaniaSlide Number 2Slide Number 3Slide Number 4Slide Number 5Slide Number 6Slide Number 7Slide Number 8More Space for Expenditure Growth If Structural Reforms Are Being Implemented Slide Number 10Slide Number 11General Government Debt, % of GDPSlide Number 13Pending National Challenges: Public Finance Quality Enhancement��Thank you for �your attention