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Lithuania plans to contribute its share of IMF profits to poverty reduction trust

Tarptautinio valiutos fondo logotipas
AFP/„Scanpix“ nuotr. / IMF
Šaltinis: BNS

The Cabinet decided on Wednesday to contribute Lithuania’s share of the International Monetary Fund’s (IMF) profit, i.e. around 5.33 million litas (EUR 1.54m), to the Fund’s Poverty Reduction and Growth Trust (PRGT), which offers development loans to poor countries.

“This would be in line with the strategy of the Fund, Lithuania’s goals and the government’s program measures, which also put an emphasis on participation by contributing to the strengthening of the IMF’s role,” Giedrius Rimša, the Finance Ministry Chancellor, said at the government’s meeting on Wednesday.

The IMF will hold an annual meeting in Washington D.C. this week. The agenda will reportedly include the distribution of gold sales profit.

IMF member states, including Lithuania, must take decisions on the use of their portions of the IMF profits from gold sales. In line with a strategy approved by the Fund‘s Executive Board for financial aid to poor countries during the global crisis, the Fund asks its member states to contribute their share of the profits to the PRGT.

Lithuania's second portion of the IMF profits amounts to around 1.35 million Special Drawing Rights (SDRs), or about 5.33 million litas. The government in April 2012 gave the go-ahead for contributing the first portion of the Fund's profits, at 540,000 SDRs, or around 2.2 million litas, to the PRGT.

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