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By Rodrigo Campos
NEW YORK (Reuters) -The International Monetary Fund confirmed on Friday that the program it is discussing with Argentina was requested to be for $20 billion, as announced on Thursday by the Argentine government, and that it would be an Extended Fund Facility.
The fund had declined on Thursday to confirm the amount. This would be Argentina's 23rd IMF program since it joined in 1956.
"Any agreed package and its phasing is subject to approval by the IMF’s Executive Board," said the fund via a spokesperson.
A source with knowledge of the situation said the Argentine request is for at least half of the amount to be disbursed at the start of the program.
The same source said some board members are aware that Argentina's 2018 program, which was also front loaded, was sharply criticized internally for being too lenient towards Argentina -and wouldn't want to make the same mistakes.
FOUR MORE YEARS
An EFF is a type of IMF program designed for countries "experiencing serious payment imbalances because of structural impediments or slow growth," according to the fund. It can also help support policies needed to correct structural imbalances over an extended period.
This one was requested with a duration of four years and the government said it aimed for a 10-year repayment period.
It is subject to periodic reviews and the cash disbursement is usually made in tranches and tied to compliance with set goals.
(Reporting by Rodrigo Campos in New YorkEditing by Matthew Lewis and Alistair Bell)
