Romanian gov't to issue emergency ordinance on framework for Sovereign Fund this month

Romanian gov’t to issue emergency ordinance on framework for Sovereign Fund this month

The Romanian Government is to issue an emergency ordinance on the framework for financial instruments such as the Sovereign Fund, the Minister of Public Finance Eugen Teodorovici announced on Monday.

According to the minister, the ordinance is due to be completed in September. The ordinance will pave the way for the creation of several financial instruments, and will be followed by a Government Decision which will be issued for the Sovereign Fund.

“After the Parliament voted, the Constitutional Court indicated a new way to regulate. And this is what we prepared: an emergency ordinance to have a general framework for this kind of financial instruments, and after that there will be a Government Decision for this example, such as the Sovereign Fund,” Teodorovici said.

The general framework will be followed by secondary acts, to establish the way in which such an instrument is created, such as the Sovereign Fund, Teodorovici explains. “Unfortunately, here we have received, I must admit, from the Ministry of Justice, very many, very many… more observations than the act itself,” the minister explained. “I do not understand… the moment we took on as a governmental team certain objectives, and especially the important type, such as the Sovereign Investment Fund, then I believe it is our role, as ministers, to be concerned that our teams are working in the same direction,” he added.