IMF: Romania To Put 15 Companies Under Private Management

However, a definitive number is yet to be established, Franks told a news conference in Bucharest.

„It is the IMF’s recommendation that the largest state-owned companies which are not up for privatization should be placed under private management,” he said.

In an interview for MEDIAFAX later Monday, Franks said the list of the 15 companies will include nuclear company Nuclearelectrica, hydropower generator Hidroelectrica, as well as railway companies CFR Marfa, CFR Calatori and CFR Infrastructura.

Asked whether a mere replacement of the managers would be sufficient to turn these companies profitable, Franks said the government will also have some of the board members replaced.

In May, the IMF official announced the government would cede management over 30 to 40 of the country’s largest companies.

The authorities in Bucharest are expected to hire an international HR company to select the future managers.