2006-05-09
On May 1 the economic consultations of Lithuania for 2006 conducted according to Article IV of the International Monetary Fund (IMF) Articles of Agreement took place at the meeting of the Executive Board of the IMF in Washington, USA.
The IMF consultations report gave a positive assessment of the general economic situation stating that the economic indicators in Lithuania were among the best among all EU Member States over the past five years. The continuing rapid economic development and low inflation determined ongoing convergence with the euro area. The report noted that it remains important to continue the implementation of appropriate economic policy focused on fiscal consolidation and implementation of structural reforms.
The IMF expressed a certain concern about the ongoing rapid credit growth noting at the same time that the efforts of the Bank of Lithuania in ensuring the stability of the financial sector went in the right direction.
Economic consultations according to Article IV of the IMF Articles of Agreement are conducted on the basis of a 12-month cycle. Lithuania is a member of the International Monetary Fund from 1992. Currently, 184 countries are members of the IMF.