On 29 April 1992, 25 years ago to this day, Lithuania joined the International Monetary Fund (IMF). Lithuania was the first out of the three Baltic countries to do that.
At first, contact with this international financial organisation was maintained through the Ministry of International Economic Relations and, when it was abolished, the Bank of Lithuania took over these functions. With a new opportunity of borrowing currencies from the IMF, Lithuania received a couple of loans that were a huge help in 1993, when adopting litas. Aside from financial aid, technical assistance and consultations were also provided. Today, Lithuania continues active cooperation with the IMF. The Chairman of the Board of the Bank of Lithuania represents Lithuania on the IMF Board of Governors, which makes the most important decisions. IMF representatives visit Lithuania every year, they meet with the representatives of the Bank of Lithuania, the Government, the private sector and the non-governmental organisations, politicians and economic experts, with whom they evaluate the country’s economic situation, development trends and provide recommendations. Lithuania also participates in the IMF’s Financial Sector Assessment Program and other activities as well as grants support to the IMF's Poverty Reduction and Growth Trust. In 2018, Lithuania’s planned to participate in financing the IMF by joining the IMF’s Financial Operations mechanism.
