The state – owned Romanian Post will lay off at least 600 people by the end of March and will close down a further 135 units by end-April, as agreed with the International Monetary Fund during the last round of negotiations this year, according to Mediafax newswire. The Post will have 5,700 units, after reduction from an original 7,100 units, which began last year.

The Romanian Government and the IMF agreed that the state would sell 20 percent in the Post to a strategic investor. Last year, the IMF demanded a massive layoff of staff, but didn't give a figure for the number to be axed.

The Romanian Post, which has 35,000 employees, recorded losses of EUR 29 million in 2010. It is 75 percent controlled by the Communications Ministry. Fondul Proprietatea investment fund owns 25 percent of the shares.

editor@romania-insider.com