Fenechiu met Tuesday with officials of the IMF, the World Bank and the European Commission and talked about the Transport Ministry’s objectives to increase the absorption rate of European Union funds and restructure loss-making companies under its authority.
The minister said he didn’t want CFR Marfa to be privatized because, he went on, the IMF and EC officials constantly said Romania should do what the other European countries do, namely, to keep freight rail companies in the hands of the state. He added, however, that the company’s economic-financial situation is gloomy and can be improved only through capital infusion from a private investor. According to Fenechiu, the privatization is due to start in February and it won’t take longer than six months “under any circumstances.”
Fenechiu also said Tuesday that he proposed a 90-day deadline for the appointment of private managers at companies under the authority of the Transport Ministry. He added CFR Marfa will have private managers in almost three weeks.
Under a EUR3.6 billion loan agreement with the IMF, the Romanian Government has pledged to sell shares in several key state-run companies, including Transgaz, CFR Marfa, natural gas producer Romgaz and nuclear power company Nuclearelectrica.
CFR Marfa was supposed to be auctioned by the end of October, according to Romania’s latest letter of intent to the IMF.