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Privatization of Romanian post fails to deliver

Tourism

The privatization process for the Romanian Postal Service as required by the IMF has failed to attract a single bidder, the chief executive said. “So far, not a single investor has emerged,” the executive Ion Smeeianu said quoted by the Mediafax news agency. The deadline for buying the specifications for the tender passed on Tuesday. Romania has made a commitment to the International Monetary Fund and the European Union to speed-up the privatization and the sale of its holdings in loss-making companies. The postal service lost about €40 million ($52 million) in 2011 on turnover of €280 million, on the basis of an audit accessible on its website. The business employs slightly more than 32,000 people.

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