Romania to announce new agreement with IMF, EU on July 31

By bne IntelliNews July 30, 2013

The Romanian government will make public on July 31 the details of the follow-up stand-by agreement with the IMF and the EU, PM Victor Ponta announced.

The details of the new agreement were already sketched, he stressed, but last-minute adjustments are possible. Notably, the PM’s statement confirmed that the EU will join the IMF in the new agreement with Romania – after speculations had put under doubt EU's partaking in the Fund’s new deal.

The new agreement will tackle the privatisation process at large state-controlled companies like energy firms Hidroelectrica, Nuclearelectrica and Romgaz, Ponta disclosed.

Under the previous arrangement, IPOs of 10-15% stakes at these three energy companies were considered but they have been delayed and will probably be re-scheduled under the follow-up agreement. The privatisation of cargo railway company CFR Marfa, currently in limbo, will also be tackled, Ponta said.

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