He said the old Fund contained proceeds from the privatization of Romania’s largest bank BCR and oil company Petrom and the authorities used that money to pay public wages and pensions but never put the money back.
The prime minister said the Government plans to create a new Norwegian-type fund to hold the money obtained by the state from royalties, privatizations and stock market listings. He added the fund will be managed by the Government, private investors and economists to prevent misuse.