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☆ Lithuania Calls for More Money for Ukraine in EU Budget Review
▼ + stars: | 2023-09-16 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

As part of a review of the EU's 2021-2027 budget, the European Commission in June proposed 50 billion euros in grants and loans for Ukraine to keep Kyiv financed as it fights off Russian aggression. This year, the EU will pay out 18 billion euros to Ukraine in highly concessional loans, but, if the proposed 50 billion total stays, Ukraine will only get 12.5 billion annually from 2024 to 2027. She said the EU budget review should also add money for military mobility -- roads, ports, bridges and airports that allow armed forces to move around quickly -- as the 1.7 billion euros originally allocated for the purpose was insufficient. "We see the need for military mobility infrastructure increasing. It exceeds one billion euros just for Lithuania," she said.

Persons: Jan Strupczewski SANTIAGO, Gintare Skaiste, Skaiste, Jan Strupczewski, Jason Neely Organizations: Jan Strupczewski SANTIAGO DE, European, European Commission, Ukraine, Kyiv, Reuters, Eurostat Locations: Jan Strupczewski SANTIAGO DE COMPOSTELA, Spain, Ukraine, Lithuania

Persons: Gintare Skaiste, Skaiste, Jan Strupczewski, Jason Neely Organizations: Infantry Brigade, Armed Forces, SANTIAGO DE, European, European Commission, Ukraine, Kyiv, Reuters, Eurostat, Thomson Locations: Ukraine, Avdiivka, Donetsk region, SANTIAGO, SANTIAGO DE COMPOSTELA, Spain, Lithuania

☆ Lithuania aims to raise $539 mln from temporary windfall tax on banks
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

VILNIUS, March 9 (Reuters) - Lithuania's finance minister proposed on Thursday a temporary windfall tax on bank profits, aiming to raise an estimated 510 million euros ($538.7 million) over a two-year period. "In large part, the policy of banks has no influence on the profits, they are due to exceptional circumstances, and are probably surprising to banks themselves," Skaiste said. The government and the central bank had previously said Lithuania was contemplating a windfall tax on the banking industry, but had not said how much this could raise. The government's proposal would impose a two-year tax of 60% on the part of a bank's interest income that is more than 50% higher than a four-year average, Skaiste said. Two Swedish-owned groups hold more than half of Lithuania's banking assets, Swedbank (SWEDa.ST), whose 2022 profits increased by 64% to 148 million euros, and SEB (SEBa.ST), whose profits were up 49% to 172 million euros.

☆ Lithuania may tax windfall bank profits, boost defence spending
▼ + stars: | 2023-02-06 | by ( Andrius Sytas | ) www.reuters.com time to read: +2 min

[1/2] Czech Finance Minister Zbynek Stanjura speaks with Lithuania's Finance Minister Gintare Skaiste at the European Union finance ministers meeting in Brussels, Belgium, July 12, 2022. "This is a critical situation, we are in an environment of high rates, so unexpected profits are appearing," central bank Governor Gediminas Simkus told a news conference. "The war in Ukraine and countries' reactions to it led to the high liquidity and high rates. The invasion also leads to more defence spending, so if we tax the windfall, the income would be used for defence", Skaiste told reporters. The neighbour of Russia had so far budgeted 2023 defence spending at 1.8 billion euros ($1.9 billion), or 2.52% of its gross domestic product.

☆ 'Immoral' for Hungary to hold up EU financing deal for Ukraine -Lithuania
▼ + stars: | 2022-12-05 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Dec 5 (Reuters) - It is "immoral" for Hungary to hold up a European Union deal on 2023 financing for Ukraine to extract approval for Budapest's recovery plan and billions from the EU budget, Lithuanian Finance Minister Gintare Skaiste told Reuters on Monday. Hungary has been blocking an EU plan to provide 18 billion euros next year in financial help to war-torn Ukraine through the EU budget, which would make disbursements regular and predictable, allowing the Kyiv administration to plan ahead. EU officials say that to remove its veto, one of the things Budapest wants is EU approval for its plan (RRP) to spend 5.8 billion euros from the EU post-pandemic recovery fund. Another thing Budapest may want, EU diplomats and officials say, is for EU finance ministers to freeze a smaller amount of EU funds for Hungary than the 7.5 billion recommended by the Commission last week. She said that if Hungary continued to bloc financing for Ukraine through the EU budget, other EU governments could agree to provide the money in some other way, like they did this year.

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