Lithuania's Latest Developments and Proposals: From Hydrogen-Powered Ships to Defence Funding
Key Ideas
- President Nausėda plans to increase the central bank's contribution to boost defence funding, with a significant expected increase from profits.
- Lithuania seeks to enhance military training by potentially utilizing German infrastructure and cooperating with NATO allies.
- The country urges Minsk to suspend operation of the Belarusian nuclear power plant due to safety concerns, emphasizing the shutdown of Units 1 and 2.
- Efforts to raise defence funding include discussions of utilizing a common EU loan fund and tapping into foreign currency reserves, with aims to reach 5-6% of GDP by 2030.
Last week, Lithuania marked a milestone by launching its first hydrogen-powered ship, emphasizing environmentally friendly advancements. President Gitanas Nausėda is spearheading proposals to increase defence funding, suggesting amendments to elevate the central bank's contribution significantly. The country is exploring partnerships with NATO allies, such as Germany, for enhanced military training opportunities. Safety concerns prompt Lithuania to request the suspension of Belarusian NPP operation near Vilnius. Discussions include utilizing a common EU loan fund and foreign currency reserves to bolster defence funding to 5-6% of GDP by 2030. Notably, President Nausėda's proposal to tap into the country's foreign currency reserves for this purpose underscores the strategic financial planning. Such initiatives aim to fortify Lithuania's military capabilities and overall security posture in collaboration with international partners.