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Monitoring program for companies concluded with IMF yields no result

The monitoring program for companies concluded by the government with IMF has not yielded any results after two years, while arrears of those companies have grown, says Aurelian Dochia, financial consultant of Concept consulting company.

'The monitoring program with IMF after two years has yielded no result, their arrears growing from 23.1 billion lei to 24.9 billion lei,' Dochia said at a Mediafax press conference . According to him programs drawn up by the government do nothing but avoid restructuring those companies.

'Debts are programmed again after which these debts are wiped out or are turned into shares, which hides the real situation of the companies. Then many companies with losses receive subsidies trough restructuring programs,' he continued.

The financial consultant added that last year 37% of subsidies granted by the government were granted to state companies with losses.'Isn't this subsidy a form of mortgage for sectors with survival rate?', Dochia added.

Following negotiations with IMF for the conclusion of a new accord, the list of monitored companies was extended by the inclusion of 9 other companies – Romanian Post, TArom, Turceni Power Complex, Electrica Serv, Electrica Transylvania North, Oltchim, Oltenia Lignite National Company, as well as Railroad Interventions and CFR Telecommunications.

The following companies were maintained on the list: CFR National Company, CFR Passengers, National Company for Highways and NationalRoads, National Coal Company, Termoelectrica, Metrorex, CFR Goods, Electrocentrale Bucharest and CFR Electrification Company, while ANIF was removed from the list.

The head of IMF in Romania, Jeffrey Franks recently declared that state arrears at central level had been eliminated, while at local level the law allows a better control, so that the future accord will focus on debts of state companies which are a serious matter.

Sursa: http://www.actmedia.eu

Tags: companies company program monitoring

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