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WASHINGTON -- The IMF has approved a $201 million loan for Lithuania to help the Baltic nation further reform its economy and lower inflation.
"Lithuania has made impressive progress in building a modern market economy in a difficult market environment," the International Monetary Fund said in a news release.
The money will be made available over the next three years under the IMF's extended fund facility.
Lithuania is aiming to cut inflation to 20 percent in 1995 from an estimated 71 percent this year by keeping a tight grip on the government budget and pegging the value of its currency at four lits per dollar, the IMF said.
Economic growth is projected to increase to 6.75 percent next year from an estimated 1.5 percent in 1994, it added.
"The authorities' objectives are ambitious, and their program is a strong one, with a high probability of success," the IMF said.
Vilnius Gets IMF Loan
26 October 1994
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