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IMF, Gov't agree on privatising majority stake in Oltchim, CFR Marfa and energy companies

The government needs to hurry privatizations and the appointment of private management at state-owned companies, to decisively change the system where a privileged few enjoy undeserved profit, says Jeffrey Franks, head of the International Monetary Fund's delegation to Romania.

'We need to permanently remove a system where the public and private sector wise guys enjoy undeserved profit, while their employees and the public pay for these inefficient activities,' Franks said Monday.

The IMF official added local authorities have shown the determination to hurry privatizations and the appointment of private management at state-owned companies, but more action is required, as well as the completion of legal amendments by the end of the year

The International Monetary Fund and the Romanian Government have agreed on privatising majority stakes in the Oltchim chemical works, the Cuprumin copper company, the CFR Marfa national rail freight carrier and in some energy companies, International Monetary Fund (IMF) official Jeffrey Franks said on Monday in Bucharest.

On the list agreed upon with the Romanian Government are also Electrica Serv, Electrica Furnizare, Elcen and the energy complexes of Oltenia and Hunedoara, to be established by merging smaller mining companies, said Franks.

Franks made his statements at the end of the third evaluation under a stand-by arrangement between Romania and the IMF, carried out October 25 - November 7 in Bucharest. The evaluation was conducted by a joint team of the IMF, the European Commission and the World Bank.

If the IMF Board of Directors approves the third evaluation, the IMF will disburse a new tranche of financial assistance worth 475 million euros for Romania.

The 24-month IMF arrangement is carried out at the same time with a new precautionary arrangement with the European Commission worth 1.4 billion euros and a loan agreement worth 400 million euros from the World Bank.

The next mission of evaluation of Romania's economic policies by the experts of the international financial institutions is scheduled for late January-early February, 2012.

Sursa: http://www.actmedia.eu

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