Where are 11 billion lei from the National Development Fund? Embezzelment or financial engineering to cover the budgetary deficit
March 11, 2010
PM Emil Boc announced that the Executive plans to set up a national investments fund that can offer financial resources for major projects. However, the problem is that at this moment Romania has a similar instrument: The National Development Fund created in 2006. A fund with 11 billion lei, all coming after the privatization of private companies. The declarations of the officials suggest that the money, which were meant for investments only according to the law, covered the budgetary deficit in the last three years. What is needed is for authorities to establish whether it was embezzlement or if the money were moved from investments to salary payments through a legal financial engineering method.
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