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Romanian authorities, IMF to discuss today macroeconomic projections and targets

Prime Minister Mihai-Razvan Ungureanu will meet on Wednesday with head of the IMF mission to Romania, Jeffrey Franks.He also specified that he is to hold talks, on Wednesday with the head of the International Monetary Fund (IMF) mission to Romania Jeffrey Franks and with the head of the EU Commission's delegation Istvan Szekely, about the economic situation worldwide and nationwide, as well as the degree Romania has fulfilled its understandings with the two institutions.

'First of all, we give a signal of continuity regarding the international commitments the previous Government had assumed, we, in our turn, assume them, as our ruling programme reads. Likewise, it is a meeting of adjustment for the newly appointed ministers, who are also involved in meeting our agreements with the international institutions. Anyway, it is a normal, natural meeting. We are not discussing the letter of intent, but the talk will be mainly focused on the economic situation worldwide and at home. We will also review the results we have achieved so far, in the enactment of the letter's points,' said PM Ungureanu.

IMF delegation, Trans. Min. officials to discuss privatization schedule

An International Monetary Fund delegation will meet with new Minister of Transport Alexandru Nazare to have the schedule previously established by the mission that visited Bucharest early this year reconfirmed, said representatives of the Ministry of Transport and Infrastructure (MTI).The talks early this year focused on the calendar established with the IMF delegation, that regarding the establishment of private management with several companies under MTI's authority in particular.

Head of the IMF mission to Romania Jeffrey Franks, and director for Romania of the European Commission's Directorate General Istvan Szekely are in Bucharest over Feb. 21-22 for a working meeting on topical economic issues, at the invitation of Prime Minister Mihai Razvan Ungureanu.

The benchmarks set forth in the Memorandum of Understanding concluded by the government of Romania and the International Monetary Fund at the previous IMF mission between Jan. 25 - Feb. 6, are as follows: railway company CFR SA must lay off 2,000 employees until the end of April; rail freight company CFR Marfa needs to complete the privatization process until October; air carrier TAROM must get listed by May, and complete its privatization process in June 2012.

According to the same Memorandum, private management needs to be appointed with Electrificare CFR by mid 2012, whereas the company must ensure power acquisition, the supply and distribution of energy to the entire railway system via the wholesale electricity market.

Rail freight company CFR Marfa will have to appoint until mid-February the legal advisor for the privatization by sale of its majority stake to a strategic investor.

Rail passenger company CFR Calatori must appoint this year a private management team and a Board of Directors, should other companies' experience with private management prove positive.

As for TAROM, the Memorandum provides for either the re-delivery of the third rented Boeing B 737-800 or the cut of the rent to market prices by the end of March.

The company will kick off a restructuring program by mid April. The prospectus for the privatization by IPO of at least 20 pct of its stake will be published by the end of May 2012, with a view to completing the company's privatization until the end of June 2012.