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19/05/2017   On fiscal discipline’s questions there will be cooperation with foreign experts

Today, at the Supreme Audit Institution, the first meeting of National Audit Office as the Fiscal institution and the Advisory Panel is taking place. The Advisory panel was established on the fiscal institution’s initiative, in order to strengthen the quality of fiscal institution’s functions, to ensure that its conclusions, reports, methodology applied and the means used would correspond to the best practice.

At the meeting, the director of the Budget Policy Monitoring Department Asta Kuniyoshi will present to the members of Advisory Panel Dr. Zsuzsa Munkacsi and Dr. Michal Horvath Lithuania’s fiscal discipline system, its rules, analytical methods applied at the fiscal institution’s work and the means used. Discussions with the members of Advisory panel on the fiscal risks and fiscal sustainability, as well as the improvement of the fiscal institution’s work will take place. During following meetings, the issues related to the methodology will be examined and the best practice of other independent fiscal institutions will be passed-on.

After the provisions of EU legislation and the Fiscal Treaty relating to the European Union’s economic governance were transposed to the national law, since 1 January 2015 the National Audit Office executes the functions of an independent fiscal institution. Upon exercising this function, the National Audit Office monitors the adherence of the fiscal discipline rules and the fulfilment of objectives envisaged in the law.

It must be highlighted, that at the moment the National Audit Office is preparing the evaluation of fiscal sustainability of the Lithuania’s general government sector for the years 2017 – 2047. With this evaluation, it is intended to enhance the understanding about the general government sector’s expenditure during the long term, risk factors, macroeconomic stability, coherent development of economy and to disclose the burden of future obligations of the general government sector. This type of report is being prepared for the second time, however, unlike last year, this year the evaluation of fiscal sustainability will take into account the updated demography projections and new laws regulating the social insurance. The evaluation shall include the analysis of the net worth.

The fiscal sustainability report will be presented to the Parliament, mass media and the public on June of this year.

 

Responsible for the information Communication Division
Last updated on 24 July 2017

National Audit Office of Lithuania

Pamėnkalnio St 27, LT-01113 Vilnius, Phone: + 370 5 266 6793, + 370 5 266 6752, Email: nao@vkontrole.lt.