Private management for 15 state-owned companies
The Romanian Government and the International Monetary Fund (IMF) have drafted a list of 15 state-owned companies that will be put under private management, IMF mission head Jeffrey Franks said at the beginning of August September 2011 - From the Print Edition
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“It is the IMF’s recommendation that the largest state-owned companies that are not up for privatization be placed under private management,” said Franks. The IMF official later told Mediafax news agency that the list will include firms such as Nuclearelectrica and Hidroelectrica, as well as railway companies CFR Marfa, CFR Calatori and CFR Infrastructura. The authorities in Bucharest are expected to hire an international HR company to select the future managers. Romanian President Traian Basescu also spoke about state-owned firms, saying that he did not rule out the possibility that some of them might go bankrupt, and that the Government was not obligated to constantly step in and save them. However, Basescu declined to give any examples of such companies. “A list hasn’t been made but the Government, unable to pay off the debts of all these firms, will have to allow creditors to recover what they are due from these companies,” said the president, according to Mediafax. “We can no longer tolerate gangrene in Romania’s economy. The Government bailing out any state company will be a thing of the past.”
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