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21/01/2020   Municipal debt discussed at the National Audit Office with OECD experts

Today’s meeting with experts from the Organisation for Economic Co-operation and Development (OECD) at the National Audit Office, addressed the topic of municipal debt. The meeting is organised in the framework of the project “Improving the Capacity of Lithuanian Municipalities to Borrow and Manage Debt”, funded by the European Commission (EC).

Already in 2018, the meeting of the EUROSAI Task Force on Municipality Audit chaired by the National Audit Office of Lithuania invited to discuss the financial challenges of municipalities.

The objectives of this meeting were: understanding the current municipal borrowing framework, challenges and needs for reform and hear perspectives, needs, challenges of all different stakeholders (Ministry of Finance, municipalities, financial institutions, SAIs, etc.).

The discussion presented the legal regulation of municipal debt, its structure and management, compliance with fiscal rules and the related financial challenges.

Jūra Ivonaitytė, Chief Adviser to the Governance Audit Department of the National Audit Office, presented the role of the Supreme Audit Institution in assessing municipal debt and its impact on public finances. The OECD representatives intend to use this information in a review prepared by the organisation.

The meeting with representatives of the National Audit Office was attended by Indrė Bambalaitė, Junior Economist at the Economics Department, OECD, Camila Vammalle, OECD expert, and Dr Natalija Kazlauskienė, Adviser to the Office of the Government, delegated by the EC.


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Last updated on 16 June 2020

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