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Romania to firmly restructure state-run companies: PM


09:46, December 13, 2011

BUCHAREST, Dec. 12 (Xinhua) -- The Romanian authorities are firmly committed to the state-run companies' restructuring and will shortly begin to privatize some minority share package of energy companies, Prime Minister Emil Boc stressed on Monday.

In a speech delivered in the Parliament, to back the budget draft law for 2012, the prime minister stressed the importance of the measures for "the increase of the economic competitiveness."

"Any loss-making state company means money stolen from the citizen's pocket," said Emil Boc, adding that the government's firm commitment is to restructure the state-owned companies and for each company a decision will be made on how best to proceed: restructuring, improvement of management or privatisation.

"This is how the path towards performance of state-owned firms begins, because these black holes of the Romanian economy, leading to structural deficits in the economy, must be stopped," Emil Boc said.

The government will "carry even further the restructuring process of state-owned firms," either energy ones or power-grid operaters, and regarding the minority privatization."

According to analysts, the value of the about 700 state-run companies in Romania accounts for about 11 percent of the GDP, but most of them lose a lot of money because of bad business decisions, inefficient operations and lack of investments.

Local economists complained that the losses are covered by the state budget, meaning by tax-payers and that this situation affects Romanians and drags down economy.

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