BUCHAREST, Sept 17 (Reuters) - Romania’s government will set up the legal framework for a sovereign wealth fund, a key policy goal of the ruling Social Democrats through an emergency decree after a constitutional court ruling, the finance minister said on Monday.
Parliament, where the Social Democrats and their junior coalition partner ALDE hold a majority, approved the $2.3 billion fund in June saying it would stimulate growth and provide financing for new roads and hospitals.
The fund is designed to hold a mix of cash and equity in some of Romania’s most profitable state companies, but the Constitutional Court said government and not lawmakers could legally reorganise state-owned companies.
Finance Minister Eugen Teodorovici said on Monday the government aims to set up the fund before year-end. (Reporting by Luiza Ilie)