Contacts: In Washington: Merrell Tuck (202) 473-9516 mtuckprimdahl@worldbank.org Ministry of Finance of Lithuania: Giedre Balcytyte (370) 5 2390249 g.balcytyte@finmin.lt SINGAPORE, September 17, 2006 – The Government of the Republic of Lithuania and the World Bank exchanged letters today to mark the formal graduation of the Republic of Lithuania from World Bank borrower status. Mr. Zigmantas Balcytis, Minister of Finance of the Republic of Lithuania, signed on behalf of the Government and Mr. Shigeo Katsu, World Bank Vice President for the Europe and Central Asia Region, signed on behalf of the World Bank. Mr. Svein Aass, Executive Director representing Lithuania at the World Bank was present at the signing ceremony. “With the successful implementation of Lithuania’s economic agenda following independence in 1991, the country’s GDP growth has averaged over 7.5 percent since 2001 --- an impressive track record. Thanks to this strong performance, the average per capita income for Lithuanians has increased to about US$7,210 in 2005,” said Mr. Katsu, “The country’s prudent macroeconomic policies and efforts in recent years to strengthen public administration provide important lessons for other countries in the region and beyond.” "Lithuania continues to enjoy sustainable economic growth, a stable and reliable financial system, a well-functioning market economy and strong institutions. I would like to thank the World Bank for the collaboration and overall support to Lithuania during the successful transition period," remarked Mr. Balcytis. Since Lithuania joined the World Bank in 1992 after independence, the Bank’s approach has been to promote good policies, strong institutions, and public investments (including public private partnerships). The institution has done this through analytical work, policy dialogue, and lending, all with the aim of boosting competitiveness, encouraging social inclusion, and reducing poverty. In addition to receiving analytical and advisory support from the World Bank, Lithuania borrowed a total of US$480 million for 17 operations to support structural reforms, help modernize the health, education, and infrastructure sectors, and reduce pollution in the Baltic Sea. Following Lithuania’s graduation, future cooperation with the World Bank will be based on knowledge sharing and partnership. “We do believe that the graduation will send a clear signal to international community on our willingness to become active donor partner in promoting development. In line with our commitment as a new member of the European Union, Lithuania is ready to increase contributions to development assistance and to actively cooperate towards achievement of the Millennium Development Goals,” said Mr. Balcytis. ### For further information on the World Bank and the Republic of Lithuania, visit www.worldbank.lt To visit the website of the Ministry of Finance of Lithuania go to www.finmin.lt |
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