The government pledged to seek a strategic investor for CFR Marfa and mid-2015 is the maximum time limit for privatization. It will be a plus if the process is completed sooner, Andrea Schaechter, head of the IMF mission to Bucharest, said Tuesday.
Privatization must be done right and, in the meantime, the management of the company must restructure CFR Marfa to avoid new arrears, Schaechter added.
If this plan, which includes restructuring and privatization, doesn’t work, the government must rethink its options, she highlighted.
Romanian Finance Minister Daniel Chitoiu said Monday the Government would have to draw up a new sale strategy for CFR Marfa to be endorsed by the country’s high defense council CSAT.
The sale of 51% in CFR Marfa to private railway operator Grup Feroviar Roman failed as procedures were not completed by the October 14 deadline.