Romanian Government: State-owned companies need to reduce arrears by 20%

Romania’s Government imposed on the state-owned companies the obligation to reduce by 20% the total amount of arrears this year compared to the end of 2016. The measure was approved via a memorandum yesterday. In the last two years, the state-owned enterprises have consistently missed targets to lower their debts. Firms now need to reduce arrears by at least 20% whether or not they met the outstanding payment targets approved for 2016. In 2015, the state companies missed the target to reduce the level of arrears by 45%. An emergency ordinance adopted by the Ciolos Government last year demanded the state-owned companies to reduce the arrears by 15% at the end of 2016, compared to the end of 2015. However, this target was also missed. editor@romania-insider.com