Debt trading stuck at Finance Ministry

The Romanian Businesspeople Association (AOAR) and the chairman of the Romanian Commodities Exchange (BRM) on Wednesday accused Finance minister Mihai Tanasescu of having blocked the Government debates on the ordinance draft on trading commercial debt on the market. AOAR chairman Florin Pogonaru explained the market trading of commercial debt would improve the business environment and alleviate arrearage. “AOAR and BRM completed this draft as early as last April and we think it is important for eliminating the arrearage, which has now reached 45%-50% of GDP, with commercial debt accounting for about half of it,” said Mircea Filipoiu, BRM chairman. He added the draft had been endorsed by several Government representatives and by the specialised departments within the Finance Ministry, but not debated during the Government’s session last week because Tanasescu had not put his signature on it. ZF