IMF To Monitor 18 Romanian Money-Bleeding Cos Under New Deal

Romanian authorities and the International Monetary Fund have agreed to increase to 18 from 10 previously the number of companies monitored under a EUR3.5 billion follow-up deal with the international institution, according to the country’s technical memorandum of understanding.

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The extended list includes Romania's largest budget debtor CNH, alongside Termoelectrica, CFR SA, CFR Calatori, CNADNR, Metrorex, CFR Marfa, Electrificare CFR, Electrocentrale Bucuresti, Posta Romana, Tarom, Oltchim, as well as six other energy and railway companies.

The National Landscaping Company, or ANIF, was taken out of the list after the company managed to narrow its debt to 1.9 million lei (EUR1=RON4.1333) in 2010, from RON65.7 million a year earlier.

Romanian government estimates the stock arrears of the 18 monitored companies will increase to RON19.5 billion at the end of March, from RON18.8 billion in December last year.

However, the stock arrears is expected to decrease to RON18 billion by end 2011, according to the memorandum.

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