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Lithuania - Economic Reform

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Short-term priorities:

  • establishment of medium-term economic policy priorities and joint assessment within the framework of the Europe Agreement;
  • acceleration of large scale privatisation;
  • adoption of measures aimed at the restructuring of the banking, energy and agri-food sectors;
  • enforcement of financial discipline for enterprises.

Assessment (October 1999)

These priorities have been partially achieved.

Lithuania has formulated a medium-term economic strategy. Progress has been achieved in the area of large-scale privatisation, the restructuring of the banking sector and enforcement of financial discipline for enterprises. On the other hand, efforts must be stepped up to restructure the energy and agri-food sectors.

Assessment (November 2000)

The budget deficit has been rectified. Large-scale privatisation has been continued although some undertakings have still to be privatised. Registration of landed property will soon be completed. Legislation on bankruptcy must still be amended with a view to applying it rationally. Little has been done to encourage competitiveness in practice.

Assessment (November 2001)

The country has continued to reduce its budget deficit. Large-scale privatisation is almost complete. Progress has been made on restructuring the banking sector. Legislation on bankruptcy has been applied. An appropriate strategy for boosting competitiveness has not yet been put in place. Registration of landed property is complete.

Assessment (October 2002)

Privatisation of the Lithuanian gas company is being finalised. The electricity company has been restructured and preparations are underway for its privatisation.

Assessment (November 2003)

Please refer to the fact sheets on the adoption of the Community acquis.

Medium-term priorities:

  • complete the privatisation process and restructuring of the banking, energy and agri-food sectors;
  • improve the functioning of the land property register;
  • align the legal framework (bankruptcy and competition legislation, simplification of business regulations including licensing).

Assessment (October 1999)

No progress has been recorded in these areas.

Assessment (November 2000)

No progress has been recorded in these areas.

Assessment (November 2001)

Restructuring of the banking sector has continued, as has restructuring of social security, albeit at a slow pace. A procedure has been introduced for annual budgetary surveillance.

Assessment (October 2002)

The large-scale privatisation process has been completed and the last state-owned bank and the energy distribution companies are now in private hands. Significant progress has been made with regard to application of and compliance with the legislation on bankruptcy. But there has been little progress in the reform of land registration. Overall, the priorities of the accession partnership as far as the economic criteria are concerned have been broadly complied with.

Assessment (November 2003)

Please refer to the fact sheets on the adoption of the Community acquis.

Following the signing of the Accession Treaty on 16 April 2003, Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia acceded to the European Union on 1 May 2004.

REFERENCES

Decision 98/265/EC, 30.03.1998
Official Journal L 121 of 23.04.1998

Decision 1999/856/EC, 06.12.1999
Official Journal L 335 of 28.12.1999

Commission opinion COM(97) 2007 final
Not published in the Official Journal

Commission report COM(98) 706 final
Not published in the Official Journal

Commission report COM(1999) 507 final
Not published in the Official Journal

Commission report COM(2000) 707 final
Not published in the Official Journal

Commission report COM(2001) 700 final - SEC(2001) 1750
Not published in the Official Journal

Commission report COM(2002) 700 final - SEC(2002) 1406
Not published in the Official Journal

Commission Report COM(2003) 675 final - SEC(2003) 1204
Not published in the Official Journal

Treaty of Accession to the European Union [Official Journal L 236, 23.09.2003]

This summary is for information only and is not designed to interpret or replace the reference document.

Last updated: 19.11.2004
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