Argentina requests first tranche of more than 40% under $20 billion IMF program

Argentina is seeking a first disbursement of more than 40% under a $20-billion program it is negotiating with the International Monetary Fund (IMF), Economy Minister Luis Caputo said on Sunday.

The South American country had eliminated the fiscal deficit and cut public spending, Caputo reiterated, as the government aims to beef up central bank reserves, and begin unwinding forex curbs that arguably hinder business and investment.

"We've requested more because, traditionally, these are made in exchange for monetary and fiscal targets," Caputo said in remarks on television, adding that first disbursements were usually between 20% and 30%. "We've already done everything."

Last week, the government and the IMF confirmed the lender's board of directors must still approve the four-year program that follows one of $44 billion signed in 2018.