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RADOR: News from Romania, 98-08-19

The Press Agency of the Romanian Radio (RADOR Society) Directory - Previous Article - Next Article

From: RADOR Press Agency <http://indis.ici.ro/romania/news/rador.html>

August 19, 1998


CONTENTS

  • [01] Alexandru Sassu about rithm of issuing ordinances by government
  • [02] PDSR notices an unprecedented economical decline of Romania
  • [03] Protest of Free Unions' Federation from Chemistry and Petrochemistry
  • [04] Meeting Radu Vasile - James Rosapepe
  • [05] Amnesty International report about Romania
  • [06] Meeting at the Finance Ministry
  • [07] "RBD is the champion of the Romanian banking system"
  • [08] Romanian trade fleet is in trouble
  • [09] Solutions for relaunching the Romanian tourism

  • [01] Alexandru Sassu about rithm of issuing ordinances by government

    Minister for relation with Parliament Alexandru Sassu estimating rithm of process of issuing ordinances by government affirms things have developed with difficulty but now there is a legislative frame for speeding rithm of re-organization and reform. Alexandru Sassu has explained there were problems which were not achieved such as changes at Privatization Law but he hopes these are to be solved as short as it would be possible so that government to be able to do its duty. Minister for relation with Parliament has specified the main cause of unfulfilments is abandoning of ordinances towards end of parliamentary holiday and blocking appeared at finance and justice ministries level ministries which had been called to give notice to all projects. Priorities for the next period are: law of concessions, public domain and local public finances which are to be discussed in the exraordinary session of Senate and which are necessary both to government - for passing to re-organization and privatization of public utilities and to local public administration for buiilding up a budget which to get through local claims. RADOR, August 19

    [02] PDSR notices an unprecedented economical decline of Romania

    Leaders of The Party of Social Democracy in Romania (PDSR) appreciate after about a year and a half of governing CDR-USD-UDMR (The Democratic Convention in Romania-The Social Democratic Union-The Democratic Union of Hungarians in Romania) Romania registers an unprecedented economical decline. PDSR vice-president Nicolae Vacaroiu affirmed in Tuesday press conference as a result of drastic diminishing of purchasing power and living standard there is risk of re-launching an ample politic crisis. PDSR vice-president has added no positive signal from government can be seen which to improve this situation reason for which in November it is possible state budget to get into incapacity of payment. Nicolae Vacaroiu has announced PDSR programme-alternative to governing would be finished off till September 15 in such a way that it would be accesible to all Romania's citizens. RADOR, August 19

    [03] Protest of Free Unions' Federation from Chemistry and Petrochemistry

    Members of Free Unions' Federation from Chemistry and Petrochemistry affiliated to Alfa Cartel picketted on Tuesday Trade and Industry Ministry and Ministry of Finance. Protest action aims solving claims referring to necessity of approval an emergency bill concerning aassuring some facilities for producers of chemical fertilizers and produces for plants' deseases, finishing off programme for re-organization and accompaniment in chemistry-petrochemistry branch, drawing up of some government's bills concerning finishing off works of investments at trade societies Azochim- Piatra Neamt and Oltchim-Rm.Valcea, diminishing taxes at electric energy and natural gases for industrial consumers as well as other claims. President of up-mentioned federation Achile Dutu quoted by has affirmed picketting of ministries would go on till August 20 and in case of not solving claims on September 18 it would be taken decision of extension protest actions to national level. RADOR, August 19

    [04] Meeting Radu Vasile - James Rosapepe

    US ambassador at Bucharest James Rosapepe had on Tuesday at Slanic Moldova resort a meeting with Premier Radu Vasile who is there for a short holiday. Security measures from zone and sudden character of American ambassador's presence at Slanic Moldova did not give possibility of knowing subjects of this meeting. RADOR, August 19

    [05] Romania's foreign debt

    The National Bank of announced that the country's foreign debt reached in May more than 8.241 bil. dollars. 37.87% of this is the debt to the international bodies - IMF, EU, IBRD and EBRD. Credits granted to Romania by private banks amount to 1.7 bil. dollars. Romania's greatest debts to banks in France, Germany, Great Britain and the US. RRI-RADOR, August 19

    [06] Meeting at the Finance Ministry

    In order to improve the management of the budget expenses tha Finance Ministry organized a meeting with possible responsible factors in all the ministries. After the meeting, the Finance Minister Daniel Daianu wondered why the wages and pension could not be paid because, as he said - the funds already existent were enough for this and some of them were not used. Only some ministries had some technical problems as the Health Ministry but they were solved - Mr Dainanu said. RADOR, August 19

    [07] "RBD is the champion of the Romanian banking system"

    At a press conference on Tuesday at the Romanian Bank for Development the president of the Bank Bogdan Baltazar said that the rating agencies presented a wrong situation in Romanian as their source were the titles in the newspapers. The RBD is concerned about the market value of the Bank in view of its privatization. Mr. Baltazar stressed that the RBD had the best experts and that it was the champion of the Romanian banking system as for its seriousness. On late 1997 RBD had a 1.007 bil. lei profit, a 73.8% return to capital, and a 11.4% return to net assets. These results are in favort of the idea that the privatization of the RBD is not done just for being on time with the privatization process until the December 15, 1998 - the president said. RADOR, August 19

    The State Ownership Fund and the commission for privatizing the RBD signed the contract with the DAIWA EUROPE Ltd. financial consulting company for them to intermediate selling 56% of the Bank's increased capital. Increasing the capital and issuing new sbahres would be done in the same time as selling the Bank's stock held by the SOF. Sale of the 56% of the stock would be exclusively intermediated by DAIWA EUROPE Ltd. and this would lead to a consortium by the international lawyer company Linklaters and Paines and Burns Schwartz along with the international accounting company Arthur Andersen. RADOR, August 19

    [08] Romanian trade fleet is in trouble

    The end of the Romanian trade fleet is near. Due to their debts all Romanian ships in harbours all over the world are in danger of being arrested. A London lawyers office informed the directors of the Romanian companies PETROMIN, ROMLINE and NAVROM that the Romanian ships in harbours all over the world were to be arrested. A Danish lawyers office started taking measures to put under arrest the Romanian ships. The Danish office took these measures because the Romanian shipping companies did not pay their debts to foreign banks. Harbour expenses along with those for food, water and fuel supplying reach nearly 7 mil. dollars. The Government has found money for repatriation of the sailors but they took no restructuring measures. The company with most ships under mortgage is the PETROMIN company that took huge credits for its ships. One of the seven banks giving these credits is the IBN AMRO bank that did not get its money back. IBN AMRO was first due to do a feasability study of the whole fleet in May this year. RADOR, August 19

    [09] Solutions for relaunching the Romanian tourism

    "Privatization is one of the fields we have to be dynamized. We need to create quickly this framework that would ease the hotels to become private property by leasing, direct negotiation or auction. Tourism would have to have a law, a special privatization act". This was said by the Tourism Minister Sorin Frunzaverde. He believes that one of the chances to relaunch the tourism is to build some entertainment parks as France's EURODISNEY and the DISNEYLAND in Orlando, US to enhance the product of Romanian tourism. RADOR, August 19
    The Press Agency of the Romanian Radio (RADOR Society) Directory - Previous Article - Next Article
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