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December 3, 2021

Government approves the letter agreed with the IMF

The government yesterday approved the final form of the letter of intent agreed with the International Monetary Fund (IMF), the European Commission (EC) and the World Bank (WB) following the evaluation mission of July-August, according to official sources quoted by Mediafax. After talks at that time, the Government and the IMF agreed that private managers will be appointed to several state companies, while authorities will put on sale minority stakes in companies like Tarom, CFR Marfa, Transelectrica, Transgaz, Romgaz, Hidroelectrica and Nuclearelectrica.

The draft letter of intent agreed with the IMF also provides for salary increases only next year, depending on the progress achieved in cutting the number of employees by voluntary resignations, and in curbing salary expenses to 7.2 pc of the GDP.

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