September 17, 2018 / 8:49 AM / 3 months ago

Romanian govt to approve sovereign wealth fund framework via decree-FinMin

BUCHAREST, Sept 17 (Reuters) - Romania’s government will set up the legal framework for a sovereign wealth fund, a key policy goal of the ruling Social Democrats through an emergency decree after a constitutional court ruling, the finance minister said on Monday.

Parliament, where the Social Democrats and their junior coalition partner ALDE hold a majority, approved the $2.3 billion fund in June saying it would stimulate growth and provide financing for new roads and hospitals.

The fund is designed to hold a mix of cash and equity in some of Romania’s most profitable state companies, but the Constitutional Court said government and not lawmakers could legally reorganise state-owned companies.

Finance Minister Eugen Teodorovici said on Monday the government aims to set up the fund before year-end. (Reporting by Luiza Ilie)

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