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Romania: Government Approves Rapid Privatization

Prague, 5 June 1997 (RFE/RL) - The Romanian government has approved the privatization of most state-owned companies within the next three months. Companies owned by local government authorities will be privatized within six months.

Yesterday's approval allows the government to implement the rapid privatization program without prior parliamentary approval. The legislature will have to formally approve the order at a later date, but observers expect trouble-free passage.

Also yesterday, the government approved a Law of Foreign Investment, providing for considerable advantages for investors from abroad, including provisions on low taxation on capital gain repatriation.