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"The formal decision has been made already, I have been informed by the foreign minister. It’s a fact," the prime minister said.

"The formal decision has been made already, I have been informed by the foreign minister. It’s a fact," the prime minister said.

According to Minister of Foreign Affairs Linas Linkevicius, OECD Secretary General Jose Angel Gurria told the special OECD Council session in April that Lithuania demonstrated the fastest and most effective membership process. He also paid attention to an impressive scope and speed of reforms implemented by Lithuania.

"OECD membership is a sign of quality showing that the country adheres to the highest global standards in the areas of corporate management, investment, competition, financial markets and public administration. It’s a strong signal to foreign investors. Lithuania has made major progress, implementing the most important recommendations," Linkevicius told lawmakers.

Following the decision, Lithuanian President Dalia Grybauskaite will sign on May 31 the OECD accession agreement, which will then be sent to the Seimas for ratification. 

Lithuania started its OECD membership negotiations three years ago and officially finalized the talks in April. 

Lithuania is set to become the 36th member of the OECD. Estonia and Latvia joined the so-called club of successful economies earlier.