* The privatization of "CFR Marfă", the secondary offering for "Transgaz" and the selection of the intermediary for "CE Oltenia", are some of the objectives which must be achieved
The stand-by agreement which Romania has with the International Monetary Fund (IMF) will be extended by another three months, and the evaluation is set to take place at the end of June, through the vote of the Board of Directors, Erik de Vrijer, the head of the mission of the Fund to Romania said. The extension would allow the government to reach the agreed upon goals, to privatize certain companies, the primary or secondary public offerings of some companies on the Bucharest Stock Exchange (BSE), as well as the implementation of professional management in some state owned companies, he said.
Some of the objectives agreed include the selection of a strategic investor for "CFR Marfă" and the conclusion of the sale-purchase agreement with the investor in question. Also, by the time of the evaluation mission, the secondary public offering of 15% for the shares of "Transgaz", as well as the selection of the company or the consortium which will intermediate the IPO for 15% of the shares of the "Oltenia Energy Complex", Erik de Vrijer said.
The official of the IMF explained that the granting of a three-month extension was decided, instead of two months like the government had initially requested, to give the Executive enough time to select a strategic investor for "CFR Marfă".
If Romania fails to meet the established objectives, the current agreement will expire, which means we would no longer have an agreement with the IMF.
The representatives of the institution estimate that the Romania's economy stagnated last year, whereas for this year they expect a growth of 1.5%.
"As you know, in 2012 there was zero economic growth in 2012, after 2.2% in 2011. We believe
