Romania has pushed back a pledge to sell minority stakes in a raft of state-owned energy companies to next year, a draft letter of intent to the International Monetary Fund showed, according to the Ziarul Financiar newspaper. Romania agreed last week to a two-year, EUR 4 bn (USD 5.3 billion) standby aid deal with the International Monetary Fund (IMF), moving to reassure investors and providing a badly needed buffer against external shocks.
International lenders and investors have repeatedly criticised Bucharest for slow progress in reforming its inefficient state sector, which holds back the emerging economy and deters badly needed foreign cash required to foster growth. The bourse listings were planned to take place this year, after repeated delays, and were a agreed under Romania’s previous precautionary IMF-led aid deal.
The government plans to list a 10 percent stake in hydro power producer Hidroelectrica in May 2014, a 10 percent stake in nuclear power producer Nuclearelectrica in September 2014, a 10 percent stake in gas producer Romgaz in October 2014 and a 15 percent stake in lignite power holding Oltenia by June 2014, the newspaper said.
A majority stake in state-owned power supplier and distributor Electrica will be sold on the bourse by the end of May 2014, it added. The government was not immediately available to comment.