The Executive Board of the International Monetary Fund (IMF) approved on March 15 a three-month extension of Romania's Stand-By Arrangement (SBA) to June 30, 2013.
The SBA had been scheduled to expire on March 30, 2012. The extension, which was requested by the Romanian authorities, will provide them with time to implement the measures needed to complete the combined seventh and eight reviews under the SBA.
The extension will, in particular, offer an opportunity to reduce arrears of the central and local governments and to take measures to improve the governance of state-owned enterprises.
Full press release
© International Monetary Fund
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