Managers of state-owned companies to report economic indicators to the Finance Ministry on a monthly basis

Public corporations and state companies will be required to notify the Finance Ministry on a monthly or a quarterly basis on the progression of financial indicators, and to meet certain performance criteria. Failure to comply with the latter will result in managers being fined 5,000 to 10,000 lei or even removed from their positions.

The decision was made in the Government's Friday meeting, through an emergency ordinance. Prime Minister Boc said this ordinance would improve financial discipline within public corporations and state companies.

"A concrete restructuring plan will be created for each corporation and state company and there will be performance indicators for managers. One needs to be ruthless," said Boc. He said non-compliance with performance indicators could even be penalised by removing managers from their positions.

Official sources had previously said that the Government had also decided via an emergency ordinance that restrictions imposed to public institutions on the acquisition of cars and furniture be extended to include public corporations and state-owned companies.