Arrears down to 2bn euros

The level of arrears recorded by the companies subordinated to the Economy Ministry has gone down to 81,370bn ROL (some 2bn euros) in the first half, from over 133,540bn ROL earlier in the year. A Ministry of Economy and Trade release shows the legislative measures introduced this year, together with the state-owned enterprises’ own efforts, led to the curbing of these arrears. Finance Minister Mihai Tanasescu stated that arrearage in the economy had gone down by 0.8% of the Gross Domestic Product in the first half. An International Monetary Fund survey found arrears standing at 39.7% of GDP a year ago. Romania undertook measures to curb arrears by 0.5% of GDP this year upon conclusion of the “Economic Criteria” chapter of the negotiations towards EU accession. ZF