![]() „Let’s be optimistic and accept that the Fund suddenly finds the magic formula that the ministries have not been able to find in so many years and the companies from the portfolio produce 5-10% more dividends. Will state-owned companies improve much their performance once they are part of the Fund’s portfolio?.How will FSDI provide an additional source of capital for investment in Romania?.Hard to understandĪurelian Dochia summarizes the unknowns about the FSDI’s operation as follows: Market perceptions could worsen this way the costs of financing the government debt, all the more so as state finances will no longer benefit from the dividends of its profitable companies. ![]() It will be obvious to everyone that the Fund is a public entity and analysts will consider the fund’s debts as a quasi-public debt,” adds Aurelian Dochia. „ The only justification for creating the Fund that I understand is the one of establishing a vehicle with the capability to borrow from the financial markets, without the loan being registered in the public debt. „I confess that I have never been able to understand the logic of establishing a new institution with a pompous name of “Sovereign Development and Investment Fund,” says Aurelian Dochia ( photo). „You do not need a sovereign fund to use the profit of companies,” remarks Mircea Cosea. The definition of investment policies, as well as the resulting objectives, are left to the discretion of the Supervisory Board members, namely the entity that will represent the state – sole shareholder in the „general shareholders assembly” and will approve the respective policies.
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