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Vilnius, 6th November: The new Lithuanian Finance Minister Jonas Lionginas thinks that the government will have to negotiate with the International Monetary Fund (IMF) on the increase of the agreed fiscal deficit of the coming year. The programme of the new government provides for the fiscal deficit of 2 to 3 per cent of GDP. The former government of Andrius Kubilius agreed with IMF on the fiscal deficit of 1.4 per cent of GDP.

After a meeting with President Valdas Adamkus today, the [Jonas Lionginas] spoke about review of 2001 state budget as his main task. He admitted that there is no time to change in essence the draft budget which has been already prepared [by the outgoing government of Homeland Union - Lithuanian Conservatives]. However, he said, it is necessary to increase municipal budgets while simultaneously cutting the central government's budget. Grazvyda Grigaite has this report. Lionginas spoke about the review of 2001 state budget as the main task. Jonas Lionginas gave assurances that the future government would be pursuing strict budgetary policies.

Lithuanian President Valdas Adamkus met economist Arvydas Sekmokas today, who is believed to be a likely candidate for the post of economics minister.

[Presenter] The Lithuanian parliament passed amendments to this year's state budget law at a plenary sitting today. Seventy-two members of parliament voted in favour, two were against, and 17 MPs abstained. The amendments envisage a 450m-litas reduction in state spending. Janina Mateikiene reports. [Correspondent] The Conservatives [governing Homeland Union - Lithuanian Conservatives] urged MPs to support the amendments to the state budget law, while the bill was opposed by the Democratic Labour Party, Social Democrat and Centrist [Centre Union] representatives.

We can say that it was thanks to the ability of Kutraite to create a positive image of her protege that Paksas soon became not only the most popular mayor but also one of the most popular among Lithuanian politicians. In spring of 1999, the government of Gediminas Vagnorius resigned and President Valdas Adamkus was looking for a new Conservative [Homeland Union - Lithuanian Conservatives] prime minister. One of the criteria why Paksas was chosen was his high ratings. In 2001, the Liberal [Lithuanian Liberal Union] and Social Liberal [New Union - Social Liberals] governing coalition collapsed and Paksas had to resign once again. This is often ascribed to the fact that at that time, Kutraite was working in the Seimas [parliament] and not the government. Well-aware of how to make politics and relax tension, she would have been able to help the coalition partners find a common language. Meanwhile, in the Seimas, Kutraite was practically invisible - most people only remember a little scandal related to her attempt to employ her son as an adviser, when she initiated an amendment to the parliamentary statute allowing people without higher education to take up such positions. [Jonas Lionginas], who was then the secretary of the Finance Ministry, came to the public eye due to the scandal over forced resignation of the senior customs officer, Algimantas Budrys. On the order of Prime Minister Gediminas Vagnorius, Lionginas was ardently collecting compromising information about Budrys. However, the story was soon forgotten and Paksas, who replaced Vagnorius as prime minister, offered Lionginas a political appointment and he became the finance minister. Lionginas soon became Paksas's closest ally, who together with Maldeikis worked on the \"improvement\" of the contract with Williams, which resulted in a debt amounting to billions.

A bill has been submitted to the Lithuanian parliament on the reintroduction of the capital gains tax that was lifted a year ago, only at nearly double the earlier rate, Lithuanian business newspaper Verslo Zinios has said. Financial experts believe the tax will stunt capital market growth and create unfair competition between different types of capital. The following is the text of the report by Terese Staniulyte, entitled \"Capital market to be hit by 29 per cent\" and published on the newspaper's web site on 7 November; subheadings have been inserted editorially: \"I would understand it if such a proposal were matched with the compulsory filing of tax returns; maybe it would make sense then,\" said MP Jonas Lionginas [former finance minister], under whom the capital gains tax was lifted last year. Amendments to the interim law on individuals' income tax contain, among other things, provisions that would impose a tax on income derived from capital gains. The capital gains tax was initially introduced by the Homeland Union - Lithuanian Conservatives government in 1999 in order to generate additional revenue to the state budget. Back then, the government proposed a 29-per-cent tax rate. However, with market participants voicing their protests, the Seimas and the president settled for a compromise 15-per-cent tax rate.