Budget, Financial Services, Insurance, Lithuania

"The deficit, which is key to us because it has to be financed using external money, has been steadily declining. We had an annual deficit of around 1 billion euros in the worst crisis years. We fell around 160 million euros short last year and are planning a 95-million-euro deficit this year. Thus, the trend is improving, which is the most important," Mindaugas Sinkevicius told BNS.

The director said that the country's general economic situation had had a positive impact on Sodra's budget results.

"Wages are rising bit by bit, up by around 6% last year, and the number of employed persons is also increasing. Both these factors allow us to collect more revenue," Sinkevicius said.

"Favorable trends are forecast to continue in 2016. If the macroeconomic environment does not change, our revenue should grow by 5.5-6% and, if the trend remains positive, we are likely to have a positive result in 2017," he added.

Sodra's revenue rose by 242.5 million euros, 8.3%, in 2015 compared with 2014 to 3.174 billion euros, the highest level since 2008. The fund's expenditure last year increased by 110.1 million euros, or 3.4%, to 3.336 billion euros. Its deficit narrowed by 132.4 million euros, or 45%, to 162.7 million euros.