IMF Urges Romania To Privatize Main Thermal Power Producer
The International Monetary Fund has asked Romania’s Government to transfer thermal power producer Electrocentrale Bucuresti (ELCEN) to the Economy Ministry and begin privatization procedures in an operation that should conclude by the end of next year.
The company is currently coordinated by state-owned thermal power producer Termoelectrica.
The obligation to privatize ELCEN is included in the letter of intent agreed between local authorities and the IMF during the latest negotiations in fall this year. This is the first appearance of ELCEN in the agreement with the international financial institution.
According to the letter, obtained by MEDIAFAX, authorities need to hire a legal adviser by the end of 2012, select a consultant for the privatization by the end of August, publish the prospectus by the end of October and conclude the privatization by the end of 2012.
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