Argentina and the International Monetary Fund (IMF) are discussing the terms of a new Extended Fund Facility (EFF) program for the country that could be agreed before the end of March and may include fresh funds in addition to the USD 44bn needed to refinance the previous program, said two sources familiar with the matter.

Conditions are likely to include a request to lift the current framework of currency and capital controls, but the government expects the IMF to accept these restrictions being lifted “gradually” to avoid hurting Argentina’s anti-inflationary program, said the sources.

An IMF team arrived in Buenos Aires 21 January to hold discussions related to the new program this week, as reported. Representatives of the Argentine government and the Central Bank (BCRA), led by Economy Minister Luis Caputo, will be meeting with the IMF mission starting today (22 January), said the first source familiar.