Emergency Ordinance Project: Romanian Ministry of Economy cancells over 200 million lei worth of debt 

Vineri, 5 iunie 2009, 17:59 English | Business

The state will cancel through compensation the debts of the Autonomous Administration of Nuclear Activities (RAAN) and The National Society of Lignite Oltenia (SNLO), according to an Emergency Ordinance project that the Ministry of Economy made subject to public debate. RAAN’s debt for the general budget is 52,348.000 lei and SNLO owed 141,315.000 lei. Altogether, the debt came 193,663.000 lei.

The situation got to a point where the fiscal authorities were blocking the companies’ accounts and were taking over goods essential for their activities. The ordinance argues that the measure is necessary because otherwise the companies might declare bankruptcy, causing "huge economic and social problems".  

The project also shows that under-selling energy price was the main cause for the debt. It goes on to say that the low price for energy was caused by the governmental policies between 1998 – 2000, according to which electric energy was sold under the price of the production costs.  

By december 31, 2008, RAAN had accumulated 220,302,000. RAAN also ows SNLO 169,913,000 lei.