Lithuanian postal service to be privatised

Lithuanian Post (Lietuvos Pastas) may be partially privatised or sold off completely after 2010, reports HellMail. Although no formal plans have been put forward, the Lithuanian Pastas president, Arturas Staras, said the need to modernise the postal service to meet European demands for a fully liberalised postal market, may mean either a partial or complete sell-off.

The Baltic states have been particularly hard-hit by the economic recession and neighnouring Latvia has already announced plans to drastically cut operating costs at Latvian Post in an attempt to put the service on a stronger financial footing including cutting the Board’s remuneration by as much as 50%.

“There are no concrete plans in terms of to whom it should be sold, nor how much or what percentage, but the principle has been accepted now and the only remaining question is how it should be done.” said Staras.