The country expects to signs a Letter of Intent related to the technical extension of the IMF's Extended Credit Facility.
Antenor Rosales, President of Nicaragua's Central Bank, added that in this week's negotiations they have discussed two letters of intent.
"The first is related to the fourth and fifth revision of the economic program and its enlargement for 2011, while the other is about a discussed two-month extension, which could be signed today", reported El Nuevo Diario on its website.
The Nicaraguan government is meeting with an IMF mission to hold discussions on a $78 million loan.
The negotiations will be held in the Nicaraguan capital, Managua, and will continue until 17 September.
El Nuevo Diario reports statements from the president of Nicaragua's central bank, Antenor Rosales: "we are determined to achieve general agreement with this mission to enable the existing credit and debt servicing program we have with the IMF to be formally recognized by the fund's directorate by November or early December".
The president of the central bank announced that they will request a year's extension for the program due to expire in October.
Antenor Rosales, Nicaraguan Central Bank president, indicated that the request to the International Monetary Fund (IMF) is to continue the program, which was signed in 2007, until 2011 (election year).
In a press conference, Rosales added that it makes sense that it should be the new government that discusses the basis for Nicaragua's relationship with the IMF in the coming years, according to Terra's web portal.
On May, the board of the IMF could approve it and disburse $18 million, out of $35.6 pledged for 2010.
Antenor Rosales, president of the Central Bank of Nicaragua, stated that the Government successfully passed the fourth revision of its macroeconomic program with the International Monetary Fund (IMF), known as Extended Credit Facility (ECF).
Rosales explained he will soon sing the Letter of Intent, which describes the policies and actions that the government will assume with the IMF to reach a level of economic growth of 2% per year.
Should the country receive a positive grade, IMF would disburse $17.8 million out of the $35.6 million it has earmarked for Nicaragua in 2010.
Antenor Rosales, president of the Central Bank of Nicaragua, told local media that the International Monetary Fund will review the situation of the nation’s economy.
Rosales commented that this revision will include quantitative goals, energy rates, status of the Social Security Institute, a reform to the Central Bank law, budget reforms and the 2010 budget.