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IMF: Foreign human resources firms will select managers for 15 state-owned enterprises

The largest state-owned enterprises, 15 in all, that are not ready to sell their majority stakes will be provided private managers selected by leading international human resources firms, head of the International Monetary Fund (IMF) mission in Romania Jeffrey Franks told a news conference on Monday.

'The process we have agreed upon with the Government is that human resources firms of international prestige will be selected to select the managers to run the state companies. Once identified, he Government may take a final decision on their appointments. What we are proposing the Government is that the largest energy and transport companies under state control that are not ready to sell their majority stakes should be recommended for private management. We are talking about 15 companies,' said Franks.

Franks added that in certain cases private managers will be appointed at transport companies as well where the Government will sell minority stakes.Late this April, Finance Minister Gheorghe Ialomitianu said that 18 state companies mentioned in a memorandum with the IMF will come up by end-April with restructuring, privatisation or closure programmes, which were to be discussed with IMF officials.

'By the end of this month, the 18 companies should have reported. There are nine companies under the authority of the Transport Ministry, eight under the authority of the Ministry of Economy, plus the National Post Service, under the authority of the Communications Ministry. There was a joint analysis that included IMF and European Commission experts and the directors of the companies involved. The ministries will come up with restructuring programmes and, together with the IMF and the European Commission, we will decide what to do with each company,' Ialomitianu explained.

The list of monitored companies includes the CFR national passenger and freight railway carriers, the National Pit Coal Corporation, Termoelectrica, the National Roads and Motorways Corporation, Metrorex, Electrocentrale Bucharest, the National Post Service. Moreover, the Government pledged to the IMF to take measures that will boost the efficiency of the railway companies, including staff cuts and fares increases, and to sell the minority stakes in CFR Marfa and Tarom.

The IMF, the European Commission and the World Bank on Monday concluded a review mission in Romania with a press conference where it presented its conclusions regarding the progress of the Romanian authorities with their commitments.

This was the second review of a recently concluded precautionary stand-by arrangement concluded between Romania and the international financial institutions.

The delegation, headed by Jeffrey Franks, was in Romania July 20 - August 1 to consider a slight adjustment of the economic growth projections, the fiscal state, the 2011 budgetary revision, the overall parameters of the 2012 Budget, the arrears of state-owned enterprises and the absorption of EU structural funds.

During the visit, IMF, European Commission and World Bank experts discussed the targets for the second half-year 2011 with officials of the National Bank of Romania, the Government, business people, politicians and social partners.

The stand-by arrangement between Romania and the IMF started on March 31, 2011 and is of precautionary type, for 3.1 billion SDR (3.6 billion euros), which is nearly 300 percent Romania's quota in the IMF.

The new 24-month stand-by arrangement is carried out at the same time with a new precautionary arrangement with the European Union for 1.4 billion euros and a 0.4-billion-euro loan from the World Bank.

The IMF has already approved two disbursements of the arrangement, of 67 million euros and 480 million euros, respectively.

Sursa: http://www.actmedia.eu

Tags: companies government national european arrangement romania enterprises firms resources human managers state owned euro

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