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International Internet Magazine. Baltic States news & analytics Wednesday, 29.11.2023, 06:38

Lithuanian government's business support plan: 10 key measures

BC, Vilnius, 16.03.2020.Print version
The Lithuanian government endorsed on Monday an unprecedented 5-billion-euro economic stimulus package to help mitigate the negative impact of the coronavirus-sparked crisis on workers and businesses, informed LETA/BNS.

The plan earmarks 1 bn euros for boosting the economy, and 500 million euros for healthcare, for preserving jobs and for maintaining business liquidity each.


Here is a list of the ten key measures: 

1. The state's net borrowing limit is set to be raised from 900 mln euros to 5.4 bn euros. 

2. In an effort to preserve jobs, the government will cover up to 60% of the cost of paying a worker for downtime, but no more than the minimum monthly wage of 555 euros.  

3. Self-employed people who have paid their social security contributions will each receive up to 250 euros per month.  

4. Ignitis' customers will be able to defer payments or pay their electricity and natural gas bills in installments. 

5. The plan provides for deferring or rescheduling tax payments for businesses affected by the coronavirus crisis as well as for exempting taxpayers from fines and penalties. 

6. EU investment funds will be reallocated to the health, employment and business areas. 

7. The guarantee limit for the Agricultural Credit Guarantee Fund and the state-owned credit guarantee agency INVEGA will be increased by 500 mln euros. 

8. Investment programs (1.2 bn euros) will be accelerated by speeding up payments and increasing the intensity of funding. 

9. The plan calls for freezing funds under the Climate Change and Road Maintenance and Development Programs and for accelerating the apartment buildings' renovation program.   

10. The Bank of Lithuania is set to ease regulatory measures to increase banks' lending potential by 2.5 bn euros.


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