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February 5, 2023

AVAS to sell 18 small companies and minority shares in 150 companies

In its supplementary letter of intent to the IMF, the government took the commitment that in 2010 the Authority for State Assets Recovery (AVAS) will sell the 18 small companies in its portfolio and the minority shares it has within at least 150 companies, Mediafax informs. The letter of intent that the government will send to IMF Managing Director Dominique Strauss-Kahn in order to secure the approval for the next tranche of the contracted loan also stipulates liquidating Termoelectrica energy company by separating viable assets and shutting down the rest of the company as well as privatising the Freight Railway Company by the end of March 2011. The letter also spells out that the government will “aggressively” reactivate the privatisation programme, especially in domains such as industry, energy, transport, tourism and agriculture, and that the Economy Ministry will also initiate the sale of minority shares in several companies that it controls. Jeffrey Franks, head of the mission that evaluates the IMF agreement with Romania, stated that the IMF Board will discuss issuing the fifth tranche of its agreement with Romania at the end of June if by that time the government takes the measures it committed itself to take, otherwise the date would be postponed for several weeks.

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