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IMF: Most MECMA subordinated companies have met financial targets

Most companies subordinated to the Ministry of Economy, Trade and Business Environment (MECMA) have met their financial targets in the first quarter of 2011, the members of the mission of the International Monetary Fund (IMF), the European Commission (EC) and the World Bank (WB) agreed during the talks they had at the Ministry's headquarters on Wednesday, reads a MECMA release.

'During the meeting, they reached the conclusion that most of the monitored companies met the financial targets, with the premise of registering positive results in the future, too' the release shows.

The Romanian officials also mention that during the meeting with the IMF mission headed by Jeffrey Franks they also analyzed 'the status of the economic reforms initiated by Romania's Government and of the restructuring programmes of the monitored companies, subordinated to MECMA,' as well as the situation of the establishment of the two national energy companies.

The report presented by the assessment mission in front of the IMF Board at the end of March this year showed that the state-owned companies were a brake in the way of private-sector development, receiving subsidies the equivalent of 0.5 percent of Romania's GDP and generating operational loses and arrears, the latter amounting to 4 percent of the GDP, and the inefficient state-owned companies still prevailed in sectors such as energy and transports.

According to the cited source, the IMF experts were warning that the establishment of national companies would compromise the viable assets, by combining them with the nonviable ones.

Another method for rendering the activity in the energy sector more effective suggested by the authors of the report presented to the IMF Board is that of identifying private investors for the companies in the field, for Transelectrica, Transgaz, Romgaz and Petrom included. The unprofitable coal mining companies must be reduced and the viable assets must be separated from the nonviable ones, within the Termoelectrica company included, the report mentioned. 

Sursa: http://www.actmedia.eu

Tags: companies targets financial mecma subordinated

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