On 12 April, Nursultan Nazarbayev, the President of Kazakhstan, published an article titled “Course towards the future: modernization of Kazakhstan’s identity”, in which he set out his vision for the modernization of Kazakhstan’s identity and society. “I am sure that the large-scale reforms that we launched should be continued with advanced modernisation of nation’s conscience. […]
Gov’t approves legal framework for the establishment of development and investment sovereign wealth funds. FinMin Teodorovici: Sovereign wealth funds to be organized as joint-stock companies
The government has approved the legal framework for the establishment of development and investment sovereign wealth funds, which will be organized as joint-stock companies, under terms to be established separately under government decisions, and which will be managed in a dualistic system by a Supervisory Board and a Management Board. “Every sovereign wealth fund – as this is about an emergency ordinance to set the legal framework in place for the establishment of several sovereign wealth funds, on a case-by-case basis, (…) will provide Romania with cost-effective and sustainable investments in development areas, or areas that need development and investment,” Finance Minister Eugen Teodorovici told a press conference at the Victoria Palace of Government on Thursday. The development and investment sovereign wealth funds will make a decisive contribution to the development of Romania’s economy by “providing an alternative source of funding for important investments in infrastructure, industry or capital markets,” the minister added. “These sovereign wealth funds will be organised as Romanian joint-stock companies, under organization and functioning terms to be established separately through government decisions. The funds will be managed in a dualistic system by a Supervisory Board and a Management Board, in accordance with the provisions of Law No. 31/1990. The members of the Supervisory Board are appointed by the General Shareholders Meeting for a term of 5 years and must fulfill the following selection criteria: financial-banking expertise required for the fulfillment of the specific responsibilities of the sovereign wealth funds, experience in corporate management, professional integrity, good repute, knowledge, skills and experience appropriate to the complexity of the specific activity of sovereign wealth funds,” Teodorovici explained. The scope of these funds is not privatization, but financial investments in their own name and account, and developing and financing profitable and sustainable investment projects, by participation in public-private partnerships included, as well as managing their own financial assets with a view to making profit, the Finance Minister said. Teodorovici also mentioned several possible areas of activity for the future sovereign wealth funds: “Business financing at various development stages, including start-ups, financing Romanian companies of strategic importance and pursuing the energy strategy, investments in industry and infrastructure projects, increasing the competitiveness of the Romanian economy, stimulating innovation and new technologies, creating sustainable, geographically and economically sustainable jobs, developing long-term human and social capital and capital markets.” The FinMin also said that in the version adopted by the government, the Emergency Ordinance includes the requirement for the fund companies to comply with the rules of corporate governance. PM Dancila: We are discussing today a GEO draft on legal framework for setting up sovereign investment fund Prime Minister Viorica Dancila on Thursday announced they are going to discuss an emergency ordinance draft regarding the legal framework needed for the setting up of a sovereign development and investment fund at the government meeting on Thursday. “We are discussing on Thursday an emergency ordinance draft meant to provide the general terms and conditions that a company set up under the Company Law no. 31/1990 needs to meet in order to be considered a sovereign development and investment fund. We need this financial instrument to support Romania’s economic development. A development model like this has been successfully implemented in other countries, with benefits on many levels, through profitable investments and backing of projects in priority fields,” stated Dancila, in the opening of the Government meeting. The head of the Executive added that the setting up of the sovereign investment and development funds takes into consideration “the creation of a financial investment instrument or financial intermediation instrument or participations, in profitable projects or companies, which is a segment still uncovered on the Romanian financial market, so as to, one the one hand, have the role of a multiplier in economy for a sustainable development and, on the other hand, to attract, mobilize the available financial resources in the real sector and, at the same time, to develop reasonable projects.” “This fund will support, through its activity such fields and development activities as: financing of Romanian companies of a strategic importance, investments in industry, investments in infrastructure, it will contribute to an increase in competitiveness of the Romanian economy, to the development of the energy strategy, capital markets. These are large projects that we can develop together with other institutional or private developers, including through the participation in public-private partnerships, as we committed ourselves to do under the governing programme,” said Dancila. According to the PM, the adoption of this GEO will provide a general framework and, then, a Government decision will follow to decide on the “actual terms and conditions for the organisation and functioning of the development and investments fund to be set up based on share companies under Law no. 31 /1990.”
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The draft budget rectification could be discussed next week by the Government, Finance Minister Eugen Teodorovici announced on Thursday. “We are trying to come to the Government with the draft budget rectification next week,” Teodorovici said at the Victoria Palace. The finance minister said there were requests from some institutions to supplement the budget. Asked if there were talks on the budget rectification with the Presidential Administration as well, Teodorovici said: “The Finance Ministry had discussions with all the major public institutions that have been subject to the rectification and asked for some additional sums to their allocation. (…) Discussions also took place with the Presidential Administration and I repeat, in principle, where justified, where there are invoices received or about to be received by the end of the year, we will leave the related amounts to be paid, otherwise we will be overloaded and no saving is done this way, because next year the invoices, registered this year and paid next year, will still be accounted for based on the ESA methodology, let’s say, as a deficit this year. Finance Minister Teodorovici added that also next week the Government may discuss the decision on a differentiated minimum wage.
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Prosecutor General Lazar participates in workshop organised by Italy’s Anti-Mafia National Directorate
A delegation led by Prosecutor General Augustin Lazar participated in Italy in a workshop organized by UNESCO on the fight against illicit trafficking in cultural goods and a visit was made to the National Anti-Mafia and Anti-terrorism Directorate. According to a press release of the General Prosecutor’s Office, Augustin Lazar, upon UNESCO’s invitations, 12 to 15 November, took part in the workshop on “Combating Illicit Trafficking in Cultural Goods” organized in Rome. The event addressed the authorities in Romania and the Republic of Moldova and represented an opportunity for participants to develop their knowledge in the fields related to the prevention and combating of illicit trafficking in cultural goods, such as the return of cultural goods, prevention measures and risk reduction. During the event, Augustin Lazar held a presentation on the protection of cultural heritage from the perspective of the national authorities’ expertise in this field. Lazar also detailed aspects regarding the specific legislation and presented a case study, thus facilitating the exchange of good practices between the Italian, Romanian and Moldovan authorities. On Tuesday, Augustin Lazar had a meeting with Riccardo Fuzio, the Prosecutor General of the Italian Court of Cassation. The talks focused on the Romanian-Italian judicial cooperation, aspects related to the European Prosecutor’s Office, the collaboration between the two General Prosecutors’ Offices, including in the context of events that will take place when Romania takes over the presidency of the Council of the European Union, the cited source specified. On Wednesday, the Romanian delegation paid a visit to the Anti-Mafia and Anti-terrorism National Directorate, where they met with Federico Cafiero de Raho, the National Anti-mafia Prosecutor. The topics addressed during the meeting focused on the Romanian-Italian cooperation in the fight against organized crime, the precautionary measures and the importance of the recovery of assets within the criminal proceedings. During the meetings with the Prosecutor General of the Italian Court of Cassation and the National Anti-Mafia Prosecutor, the strengthening of the cooperation and organization of future working meetings between the Italian and Romanian magistrates were agreed upon.
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Romania’s Ministry of Foreign Affairs (MAE) welcomes the agreement of the negotiators of the European Union and the UK on the final version of the text of the agreement on UK pulling out of the EU. “This agreement marks a significant moment in the negotiating process and paves the way for defining an increasingly closer, enhanced future relationship of the European Union and the UK, this being a strategic objective of Romania, given its bilateral strategic partnership with the UK, close security co-operation, which maintenance is essential amidst the developments in the Eastern Neighbourhood, where Romania and Britain share common objectives,” MAE said in a press statement released on Thursday. MAE also said it appreciated the substantial efforts made by the negotiating team coordinated by the European Commission’s chief negotiator Michel Barnier that has led to decisive progress, especially for agreeing on a backstop solution and avoiding a tough border between Ireland and Northern Ireland. It added that considers that the Brexit agreement is the most effective instrument for containing the negative consequences of the UK’s withdrawal from the European Union and for ensuring legal certainty for citizens and the business community. “The withdrawal agreement will guarantee the protection of the rights of all Romanian citizens residing in the UK before 31 December 2020. They will be able to continue working, living and studying in the UK on the basis of a new settled status.” MAE voiced hope that the agreement will be soon approved by the European Parliament and ratified by the UK Parliament as negotiated. It pointed out that Romania has been actively involved throughout the negotiating process, including by attending the meeting of the Article 50 Working Group and the drawing up of the negotiating mandates of the European Union.
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