ARGUMENTS FOR THE ESTABLISHMENT OF A SOVEREIGN INVESTMENT FUND IN ROMANIA

The creation of the national development fund was approved in 2006 through the specific legislation. The main argument in supporting the idea of creating this fund was the fact that Romania still had to privatize some more governmental ownership companies and the sums that would be obtained were going to be used according to some very precise rules. Another argument was that the executive power had to assure the financing of some major infrastructure investment projects, to assure the local contribution of the project financed by structural funds and to assure de necessary funds for solving the problems caused by the retrocession of some buildings. The audit report of the Romanian Court of Accounts contains conclusions about the evolution of the Romanian national fund and about the way the public resources were being used. The elaborated document that was given to the media, which can be considered a real case study, concerned the interest of the civil society towards the inefficient manner on which the funds obtained from the privatizing of the public sector are used and how some allotments of these sums were being distributed based on political criteria or in order to solve some personal or group interests. Lately, some public positions show support to the approach of building a national investment fund in one form or another. In this paper we propose to address to the aspects of this approach.