Donations can be made one time or periodically, and the funds will be deposited in a separate account of the Ministry of National Defense.
A new law will come into effect in Lithuania on October 1 Regarding the Defense Fund, where the nation’s citizens, companies and organizations can support national defense by making online transfers or purchasing defense bonds. This is what Lithuanian Defense Minister Laurynas Kasciunas said, LRT reports.
From now on, a web page will be activated where you can choose a specific action.
“Make a bank transfer, create a regular payment and go to the bonds section, you can choose the amount, and the standard banking mechanism will activate people, companies, different organizations to support the defense of Lithuania ,” the minister said.
According to Kasciunas, donations can be made one time or periodically, and the funds will be credited to a separate account of the Ministry of National Defense. The Ministry will regularly inform the population about this process.
Finance Minister Gintare Skaiste added that the bonds will be available for purchase from October 10.
“People and businesses will be able to take out loans for national defense at a lower rate than the Lithuanian state borrows in the markets. They will be available through the same website as the Defense Fund, which will direct the area where The decisions made will ensure that we can allocate 3% of the total product for national defense in the long term. These are stable sources of income, ensuring that even if political priorities change, there will be enough finance to guarantee this 3% fund,” said the head of the Ministry of Finance.
At the end of June, the Diet reportedly adopted a package of measures to finance the defense – in addition to the creation of the Defense Fund, it also provides for an increase in the corporate income tax from 1% to 16% from next that year, as well. as an increase in excise taxes on tobacco, alcohol and gasoline.
The funds will be used to create an army division, a tank battalion, buy infantry fighting vehicles and strengthen air defense. It will also finance the purchase of mines, the creation of physical barriers, anti-tank barriers and the implementation of other anti-mobility plans.
We remind you that the Defense Resources Agency under the Ministry of National Defense of Lithuania has purchased a modern Belgian FN MINIMI machine gun, which will be transferred to the Volunteer Land Guard Forces of the Lithuanian Army and the State Border Guard Service.
Previously, the Lithuanian Defense Resources Agency entered into agreements worth 8 million euros with five local manufacturers for the purchase of UAVs.
Lithuania also received $7 million worth of additional Javelin ATGM missiles purchased from the United States.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.