President of the Republic of Lithuania Valdas Adamkus received Prime Minister Andrius Kubilius, Minister of Finance Algirdas Gediminas Šemeta, Minister of Social Security and Labour Rimantas Jonas Dagys, and Vice-Minister of Economy Rimantas Žylius.
 
The President and the Prime Minister together with the line ministers discussed the pension reform and the situation of the state budget and the social security fund, SODRA. The discussion also concerned measures taken to maintain financial stability and the conditions to be created to facilitate a speedy recovery of business.

The President said the fully understood the difficult task facing the Government of putting the economic situation in the country under control. Given the present status of public finances, the President believes it is a must to cut budgetary spending. Yet, as underlined by the President, the Government must think more of how to improve business conditions and revive the economy rather than focusing entirely on saving.

"It is business vitality that budgetary revenues largely depend on," the President said.

President Adamkus also said that although the Government had reformed taxes over a few days, no concrete improvements of the business environment were visible after a lapse of three months.

Concerning the pension reform, the President mentioned he had received a list of amendments to the reform which envisaged a further cut of up to 2 per cent of contributions to privately-funded pension schemes. This time, however, a compensation mechanism is proposed, but the President thinks its value is questionable. According to the President, this only adds to the dissatisfaction of people who have chosen to participate in this pension scheme and of the pensions funds themselves with this reform.

The President called on the Government to stop cutting the contributions and to envisage a mechanism to compensate people for the loss of their funds in the future.