The International Monetary Fund pushed for a “far-reaching reform” of Lithuania’s social insurance system to help reduce the nation’s deficit. The fund recommended increasing the retirement age, as well as moving gradually toward a mandatory funded pension system. The nation’s public debt burden reached 33 percent of the gross domestic product at the end of March.

    About the author

    • Ma. Rizza Leonzon

      As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.