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RADOR: News from Romania, 97-10-30
October 30, 1997
CONTENTS
[01] Slovak President Michal Kovac on a Visit to Romania
[02] Romanian Foreign Minister Adrian Severin on a Visit to Austria
[03] Investment Summit in Romania
[04] Romanian Government Renounce Its Intentions to Introduce Global Income Tax
[05] IMF Delegation Ended Its Economic Mission in Romania
[06] A Favourable Vote in the Romanian Senate
[07] Romania - Untouched by Financial Crises in East Asia
[08] Weather in Romania
[09] Currency Rates
[01] Slovak President Michal Kovac on a visit to Romania
On Wednesday, Slovak President Michal Kovac and his Romanian counterpart
Emil Constanmtinescu have reached an agreement in Bucharest on intensifying
cooperation between the two countries with a view to creating an
architecture of security and stability in Central and Eastern Europe.
President Constantinescu mentioned the fields of mutual interest including
infrastructure and capitalisation of bilateral free trade accord and the
Central European Free Trade Agreement (CEFTA) and their extension to the
Black Sea as well. In his turn, president Kovac emphasised the need to
establish outstanding relations between the two countries in order to help
them in their efforts to achieve their European and Euro-Atlantic
integration.
The Slovak president also met Romanian Prime Minister Victor Ciorbea. The
two emphasised that value of the trade between the two countries was to
rise. They also talked about improving Romanian-Slovak cooperation in the
field of infrastrucutre. RRI-RADOR, October 30
[02] Romanian Foreign Minister Adrian Severin on a visit to Austria
Romanian Foreign Minister Adrian Severin was on a two-day visit to Vienna
for talks with the defence minister, Austrian deputy chancellor and his
Austrian counterpart. "In Vienna, we talked about the political support
Austria could extend to us as far as some of our important internatonal
moves are concerned", the Romanian minister said upon his arrival in
Bucharest. Referring to the EU enlargement, Mr. Severin stressed that
Austria was upholding as well the idea of simultaneous accession
negotiations with all EU Applicant States. RRI-RADOR, October 30
[03] Investment Summit in Romania
Starting from Wednesday morning, the Athenee Palace-Hilton Hotel hosts the
Investment Summit, organised by "The International Herald Tribune". More
than 350 Romanian and foreign businessmen, representatives of the
international economic organisations and members in the Government have
been invited to discuss the opportunities of investing in Romania. Opening
the meeting, Romanian President Emil Constantinescu expressed his optimism
concerning the reform and pointed out the fact that investors needed a
secure framework. The speaker of the House of Deputies Ion Diaconescu
expressed the politicians' concern to promote economic development and said
that, by the end of the parliamentary session, the investment legislation
in our country would be completed. Romanian Industry and Trade Minister
Calin Popescu Tariceanu and presidential adviser Valentin Ionescu presented
the economic policy and the reform programme as well as plans in the
privatisation and foreign investments area. The Head of the World Bank
Delegation in Romania, Mr. Francois Ettori, mentioned the support his
organisation had provided to Romania while Mr. Henry Ralstone, resident
representative of ERDB, said that Romania was the most important client of
the bank, seconf only Russia, more than 1.3 billion dollars having been
invested in our country. RADOR, October 30
[04] Romanian Government renounced its intentions to introduce global income tax
After consulting IMF and union representatives, the Government has
renounced its intention to introduce the global revenue tax early next
year. Romanian Finance Minister Mircea Ciumara said that the next year
would be an experimental one and that only parts of the income would be
taxable incomes, but the Government has not decided yet which were the
categories of taxable incomes for the year 1998. RADOR, October 30
[05] IMF delegation ended its economic mission in Romania
On Wednesday, the IMF delegation ended its mission to Bucharest, aimed at
analysing, together with the Romanian authorities, the economic evolution
and the expectations for this year. The delegation considers that the macro-
economic objectives for this year can be achieved and that all performance
clauses in the stand-by agreement for the end of September will be
achieved. IMF officials have warned the Romanian authorities that the
reform should concentrate on the privatisation of medium and big size
enterprises, banks included, as well as on the reform of the autonomous
companies. A press communique signed by John Hill, the IMF resident
representative to Romania, informs that the delegation will return to
Romania early in December to discuss details of the programme for the year
1998. RADOR, October 30
[06] A favourable vote in the Romanian Senate
After initially rejecting it, the Senate's Commission for Privatization has
given a favourable notice and made no changes to the Government Ordinancy
58/1997 concerning the amonuts collected by the State Ownership Fund (FPS)
during the privatisation process. Taking into account the new informations
presented by Ulm Spineanu, the commission has passed the project. The
amounts will be distributed as follows: 70% to the state budget, 20% to the
FPS and 10% to the Special Fund for Development. RADOR, October 30
[07] Romania - untouched by financial crises in East Asia
Mrs. Adriana Tanasoiu, deputy director general of the Bucharest Stock
Market, said that the Romanian market was strongly influenced by the reform
and privatisation process and not byfluctuations on the international stock
markets. Its activity was during this last period of time, she said. RASDAQ
director general Anca Dunitru said that, although the prices for the shares
fell dramatically on Tuesday, this was not a consequence of the negative
events on the international stock market. Anyway, it is expected that share
prices on RASDAQ and Bucharest stock markets would register an increase
from now on. RADOR, October 30
[08] Weather in Romania
Weather in Romania will be cold but sunny in most of the regions.
Temperatures will range from -6 centigrades in the morning to 10
centigrades at noon. RADOR, October 30
[09] Currency rates
1 USD = 7,742 lei; 1 DEM = 4,449 lei; 1 CHF = 5,434 lei; 1 FRF = 1,329 lei;
1 GBP = 12,904 lei; 1 XEU = 8,774 lei. RADOR, October 30
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