state owned companies

The International Monetary Fund asked Romania to toughen up measures taken against clients who owe considerable sums to state-owned companies, using “legal measures” against those with arrears.

Romania’s largest 30 to 40 state-owned companies will have private management, and the government will employ an internationally acknowledged head hunting firm for executive selection, according to Jeffrey Franks, the head of the IMF delegation to Romania.

Romania’s Government will reorganize, merge or disband state-owned companies and self-governing state bodies, as it did with government agencies, to cut their losses estimated at RON4.8 billion (1EUR=RON4.2552) at the end of 2008.