IMF Approves 1-Week Extension of Stand-By Credit to Romania

The Executive Board of the International Monetary Fund (IMF) today approved a technical extension of the stand-by credit to Romania until June 7, 2000. The stand-by credit, which totals an amount equivalent to SDR 400 million (about US$528 million), was due to expire today. An Executive Board meeting on the first review and the requested extension of the stand-by credit to February 2001 is expected to be held no later than June 7.