Lithuania

Lithuania has no need of bailout, says IMF

IMF LogoVilnius - Lithuania's recently-installed government won a thumbs-up from the International Monetary Fund (IMF) Tuesday for austerity measures designed to rescue the Baltic state's economy from the threat of a serious recession.

Catriona Purfield, the head of the IMF team that has been in Lithuania for the last week, confirmed that Prime Minister Andrius Kubilius had not asked for a loan from the IMF.

"Lithuania has not requested such assistance," Purfield said.

Neighbouring Latvia has already joined Ukraine, Hungary and Iceland in seeking an IMF bailout, while on Monday Estonia said it did not need similar help.

New government finally takes the helm in Lithuania

New government finally takes the helm in Lithuania Vilnius  - More than a month after it triumphed in a general election, a new government coalition took charge of the Baltic country of Lithuania Tuesday evening, following a swearing-in ceremony at the national parliament, the Seimas.

Now the new Lithuanian government can begin to tackle a worsening economic situation in the largest of the Baltic states, under the leadership of 52-year-old Andrius Kubilius. Kubilius previously served as prime minister during 1999-2000.

Lithuanian and Ukrainian presidents discuss future energy plans

Valdas AdamkusVilnius - Lithuania's President Valdas Adamkus played host to his Ukrainian counterpart Viktor Yushchenko in Vilnius Tuesday, where the two leaders discussed bilateral economic and political relations, regional issues and Euro-Atlantic cooperation.

Yushchenko said Ukrainian companies wanted to participate in the planned construction of a new nuclear power plant at Ignalina in Lithuania.

At present the governments of Estonia, Latvia and Poland are involved in the project, which has yet to commence construction, but Yushchenko said two Ukrainian companies had already applied to Lithuania to take part.

Lithuanian prime minister plans "fundamental change"

Vilnius - New Lithuanian prime minister Andrius Kubilius presented his incoming government's plans to parliament for approval Friday, promptly laying the blame for Lithuania's current economic problems squarely with his predecessor, Gediminas Kirkilas.

"It is regrettable that in his time, the IMF warned that the government needed to take action to avoid an imminent crisis. No action was taken, so we have a crisis," Kubilius said to howls of protest from Kirkilas' supporters.

The Lithuanian economy has recorded some of Europe's highest growth rates over the last decade, but that progress has slowed markedly this year and many in the largest and most economically powerful of the Baltic states fear the country may slide into recession soon.

Lithuanian banks receive downbeat verdict ahead of IMF visit

Kubilius confirmed as new Lithuanian prime minister

Andrius KubiliusVilnius - Lithuania's President Valdas Adamkus confirmed Friday that Andrius Kubilius, leader of the the Homeland Union - Christian Democrats political party, will be the next prime minister of the Baltic country.

Kubilius' candidature had been backed by the Lithuanian parliament or Seimas, on Thursday, but according to the Lithuanian constitution, the prime minister also needs to receive formal presidential assent, which Adamkus duly provided.

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