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Monday, January 10, 2005
Business in Romania blog
Graeme Justice, representative of the International Monetary Fund (IMF) in Romania, considers that the authorities in Bucharest must act decisively in recovering the money from the large debtors and says that the situation at the RAFO Onesti refinery is a first test in clarifying the situation.

"The RAFO deal is, after all, a test to see if the bankruptcy and competition policies are efficient. S not only about RAFO, but also about the image of seriousness in Romania's policy of recovering arrears. The same situation is at the National Tobacco Company", said the IMF official, Graeme Justice.

Even more, Justice shown that the court decision to accept for RAFO a re-organizing plan that leads to no debt recovery, but even more expenses for the Romanian state, is proof that the bankruptcy procedures are not efficient in Romania.

RAFO and another company owned by the same group have total debts over 635 million dollars.

Posted by Iulia Rasoiu : 1/10/2005 09:47:00 am Romanian Government faces tests according to IMF
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