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RADOR: News from Romania, 98-08-19
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
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