Vilnius mayor says he reduced city’s debt by EUR 8.6m in 100 days

Remigijus Šimašius
DELFI / Kiril Čachovskij

During his news conference on Thursday, the mayor said that data from 27 April shows that back then the city’s total debt stood at EUR 356.9 million, while on 9 July it was EUR 348.4 million. Šimašius could not specify how big the debt was at the moment but he promised to release the information publicly very soon.

The mayor of Vilnius says that he has drafted a plan how to ease the capital city’s debt, however, it is not that kind of plan which would allow cutting the debt in half in the next four years.

“That simply would not be realistic. But there is indeed a plan which could be described as “creditors restore trust in Vilnius Municipality” as today the main problem is that the debt is so enormous that is it getting difficult to even manage it, and Vilnius is borrowing at really high interest rates, much bigger than, let’s say, the state. The goal now is to borrow for projects that actually generate returns,” he said.

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