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21 Jan, 2024 09:15

NATO state’s citizens told to invest in tanks

Lithuania’s Ausrine Armonaite says lending to the government is better than “hiding cash in a sock”
NATO state’s citizens told to invest in tanks

Lithuanian Economy Minister Ausrine Armonaite has issued a call for citizens to finance the country’s defense industry, telling them to “invest in tanks” rather than keep hold of their savings.

Discussing her proposal with Lithuanian National Radio and Television (LRT), the minister claimed that the government needs to be more active in outlining what it expects from citizens – especially regarding support for Ukraine in its conflict with Russia. 

“There are ways, for example, to borrow money from residents [for military spending],” Armonaite stated, while stressing that citizens should not expect substantial returns on any investments.

“I have heard criticism of the idea of such bonds, but there is a lot of money that people still have. Maybe it’s better stop keeping it in a sock, but to invest in a tank,” she added.

The defense ministers of Lithuania, Latvia, and Estonia last week signed an agreement aimed at developing a joint air defense system in the Baltic.

At the same time, Estonia announced plans to build around 600 ‘concrete bunkers’ on the border with Russia. Fellow NATO members Latvia and Lithuania have reportedly signed up for the project as well.

Earlier this month, the commander of the Lithuanian army, General Valdemaras Rupsis, argued that the Western defense industry needs to be restored to Cold War levels in order to deal with geopolitical shifts.

For more stories on economy & finance visit RT's business section