BoL repays the IMF
On 2 January 2003 the Bank of Lithuania (BoL) repaid the remaining balance of SDR 39 243 750 (approx. LTL 175 392 092) allocated to the BoL as part of the loans from the IMF to the Republic of Lithuania.
The decision on the repayment was taken by the Board of the BoL on 17 October 2002 in the light of the sufficient amount of foreign reserves and taking into account the fact that obligations to the IMF were related to additional expenses. The move was supported by the IMF.
The repaid amount stands for one half of the remaining financial obligations of Lithuania to the IMF under the Extended Fund Facility under which in 1994?1997 Lithuania made purchases of SDR 134.55 million. The loan was distributed in equal parts between the Ministry of Finance and the BoL.
Following these repurchases, the BoL does not have any more long-term obligations to foreign financial institutions.