IMF Requests Sale Or Liquidation Of Monitored Romanian Cos

Romanian state-owned companies monitored by the International Monetary Fund and the European Commission widened losses in the last months, prompting the financial institutions to recommend their privatization or liquidation, Monday said Jeffrey Franks, chief of the IMF delegation to Romania.

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Franks said the evolution of sate-owned companies was disappointing, as many of the IMF-monitored firms are still registering losses and accumulating arrears, with slim chances of a recovery.

The IMF official went on saying a solution to this issue would come with a broader approach, which would include the liquidation or privatization of said companies.

According to the EUR13 billion agreement signed with the IMF, CFR, CFR Calatori, highway administrator CNADNR, subway company Metrorex, CFR Marfa, Electrificare CFR, land improvement administration ANIF, thermal power generator Termoelectrica, coal company CNH and power plant operator Electrocentrale Bucuresti have to reduce losses and arrears.

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