Romania Pledges To Restructure Revenue Service By IMF June Board

05.15.2011 By Bostan Radu

Romania's Government will adopt an ordinance restructuring revenue service ANAF before the IMF's board meeting in June and will finish taking stock of all state company and budget arrears from 2010, according to the letter of intent to the follow-up deal with the IMF.

ANAF must close around 150 financial administration offices, more than a third of the 424 units currently making up its network. The agency's restructuring program also includes layoffs and personnel relocation.

The IMF is monitoring 18 state money-losing companies. In late-March, their arrears amounted to 19.2 billion lei (EUR4.68 billion) and, according to the letter of intent, they must be reduced to RON18 billion by the end of the year. (EUR1=RON4.0997)