Recently, Grzegorz Konieczny, general manager of Franklin Templeton and portfolio manager of FP (Fondul Proprietatea), was quoted as saying by Reuters that the Government had to sell holdings in order to pay back the IMF programme. He said Fondul Proprietatea (Property Fund) expected the Government could raise nearly 1.5 euros selling shares in state-owned companies in the next couple of years. Agerpres,Mediafax,So far, the authorities have only paid interest on the nearly 20 billion-euro record-high loan sealed with the IMF, the European Commission and the World Bank nearly two years ago.
The first principal payment will be made on August 6th 2012 and will amount to 546 million special drawing rights (SDR), i.e. over 600 million euros at the current SDR value.
"The repayment of the loan is done in instalments. There is no major pressure involved. Under no circumstances is the Government unable to repay the loan unless it sells holdings in state-held companies. The sale is a solution that can be considered. The Government's intention to sell stakes on the stock exchange has been previously announced. It is not unexpected. But I don't think the Government is forced to do this amid pressure to repay the loan," said analyst Aurelian Dochia.
On another note, as part of the new precautionary arrangement with the IMF, the state-run companies will be much better monitored, considering the high level of arrears, and the Fund believes the resources derived from privatising viable companies could provide cheaper financing of the budget deficit, sources close to the negotiations say.
On the other hand, while the arrangement with the IMF will continue in some form or another, the continuation of the agreement with foreign banks on maintaining exposure to Romania is not ironclad, and may be dropped, as parent banks maintain exposure voluntarily, sources close to the talks say. (Z.F.)
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40% of Romanians aged between 45 and 65 are unemployed
ieri, 23:36 Autor: Iulian Anghel
The issue of special pensions, intensely debated in the past few days, brings into the spotlight a dramatic fact for a country like Romania: a quarter of Romanians aged between 45 and 65 are not working. Consolidated data reveal an even more dramatic situation: 40% of people aged between 45 and 65 are unemployed.
According to data of the Statistics Institute, out of the 5.2 million people currently aged between 45 and 65 (the retirement age for men according to the new pension law), 2 million are not employed. The figure amounts to more than half the number of Romanian pensioners or half the number of social security recipients, who last year amounted to nearly 5.5 million. This compares with 4.3 million employees at the end of last year.
In this light, the discussion of the past few days on the decision of the High Court of Cassation and Justice to suspend the recalculation of special pensions of the military, of former police workers and of former special services workers, is only the tip of the iceberg. It is not just the 150,000-200,000 special pensions (for which nearly one billion euros is spent a year) that stifle the insurance budget, which needs to be subsidised directly and from the state budget (basically from taxes), but also the general situation, which can hardly be expected to go on like that.
"Since 1990 we have lost four million jobs. Some of the former employees left Romania, some receive unemployment benefits, some simply don't work, and some work on the black market. A solution would be to start building factories again, because not everybody can work as a hypermarket employee," believes Vladimir Pasti, sociologist and political commentator specialising in the study of political and social developments in the Romanian transition.
In 2009, Tarom projected a RON760,000 profit, but the net result was a RON90.99 million loss.
The company's revenue and expenses this year will be equal, at RON1.71 billion. Last year, the airline's budget provided for RON1.65 billion in revenue and RON1.63 billion in expenses.
Staff expenses are to drop by 10.9%, to RON183.98 million, while the salary fund will shrink by 10.2%, to RON133.77 million. The average monthly income per employee will decrease to RON4,723 from RON5,063, while the average number of employees will be reduced by 90, to 2,360.
Tarom will be allotted RON138.27 million for investments, down 64.2% from last year's RON386.45 million. Its advertising budget will be RON13.03 million.
The company has debts of RON20.7 million and receivables of RON36 million
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Out of the total force, 2,525 troops are already deployed abroad; their number may be increased by a further 902.
The Council has also approved increasing Romania's participation to the European Union's mission in Kosovo by five gendarmes.
Tuesday's meeting also passed a series of normative acts, including a draft Government Decision approving the national strategy on the integrated management of Romania's state borders in the 2010-2012 period, as well as the Council's agenda for 2011.
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