Lithuania Plans to Borrow About $2.8 Billion Next Year

Lithuania plans to borrow about 7.5 billion litai ($2.8 billion) next year mostly to repay debt, a Finance Ministry spokesman said.

The Vilnius-based ministry plans to raise about half the total through domestic borrowing and will decide in what currency to sell foreign debt “based on the situation in the markets,” spokesman Vytautas Lenkutis said in an e-mail.

The Baltic nation is tapping international markets as it prepares to refinance a 1 billion-euro ($1.29 billion) bond that matures in March. Lithuania sold 175 million Swiss francs ($187 million) of 2017 bonds with a coupon of 2 percent on Sept. 19.

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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