“Considering the fact that our economic development is below 75 percent of the EU average, contribution to that reserve stock of 80 billion euros would total 800 million litas. All countries make that contribution in five installments over three years,” Rimantas Šadžius told members of the parliamentary Committees on European Affairs and Budget and Finance on Wednesday.
“It would be our capital in this fund, an insurance premium,” the minister said adding that the fund’s resources were being lent to financially-troubled countries at high interest.
A similar fund was used to lend money to crisis-hit Ireland, Šadžius added.
The government in February approved a plan that calls for starting preparations for switching to the euro in 2015. Lithuania’s bid to join the euro zone in 2007 was rejected because its inflation exceeded the Maastricht limit.
