The standby arrangement does not include around $500 million that the I.M.F. promised to Hungary in January to help finance oil imports.
Of this total, SDR33,600,000 (about US$45 million) were available in instalments over the next 12 months under a standby arrangement.
The government also undertook to meet a planned increase of US$97,000,000 in foreign reserves by the end of May 1991, when the standby arrangement would expire.
The standby arrangement, finally approved on Dec. 12 by the IMF, authorized drawings up to 94,800,000 special drawing rights over the next 15 months.
A high-level IMF team arrived in New Delhi on July 30 to begin negotiations on the second tranche under the standby arrangements.
Fortunately experience had taught the Alliance to prepare for such an eventuality, and they had standby arrangements for distribution and press coverage which were brought into operation.
In a statement, the I.M.F. said, "The executive board today considered Argentina's request for an amendment of its standby arrangement and decided to grant the request."
A spokesman for the agency said on Friday that the I.M.F.'s executive board had approved the standby arrangement, which allows the country to draw the money over 16 months.
But countries now have the option of making drawings under a standby arrangement whereby they negotiate access to the credit tranches but only use the facility if and when it is required.
Currently, the Indian army has dedicated one brigade of troops to the UN's standby arrangements.