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. Last Updated: 07/27/2016

Plan To Help Banks

VILNIUS () -- The Lithuanian government and central bank approved a plan by the International Monetary Fund and the World Bank for restructuring the troubled banking sector, a government spokesman said Monday.

The government also hopes to receive a $50 million, World Bank structural-adjustment loan in June.

The IMF-World Bank proposal, signed Sunday, would merge three banks -- Innovation, Litimpeks and Vakaru -- and liquidate Aura Bankas. The closure of Innovation and Litimpeks in December stunned Lithuania. The government has estimated the cost of the World Bank plan at about 1.3 billion litas ($325 million).