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FinMin Teodorovici announces Sovereign Investment Fund will be set up by Government Decision

The Sovereign Investment Fund will be set up by Government Decision. The Constitutional Court pointed out the decision of setting up the Fund must be made by a central administration act, not by a law adopted by Parliament, the finance minister Eugen Teodorovici declared on Thursday.

“It is a useful instrument and I am sure it will be used in economy, but following the decision of the Constitutional Court I think the next steps are at government level, issuing an Order to create the general legal frame which the Court invoked as necessary. This is done during the parliamentary vacation and the next step is issuing a Government Decision to establish the mechanism of the fund,” the finance minister said.

“Therefore the Order is to establish the general legal frame. The Government decision will establish the fund which was established in Parliament and rejected by the Court,” the minister added.

The Constitutional Court admitted on Wednesday that all complaints made by the opposition and by president Klaus Iohannis about the law setting up the Sovereign Investment Development Fund, motivating that such a fund must be set up by government decision. The main argument offered in objections of non constitutionality was that such a decision must be made by a central administration act, not by a law adopted by Parliament.

As a result, the Constitutional Court plenum decided to admit objections of non constitutionality, motivating that the Fund can be set up by government decision.

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