The standby loan for Argentina is even a more important signal.

Our approach to it will be the same as a standby loan.

Brazilian officials are seeking a standby loan from the International Monetary Fund and other sources that will most likely total at least $30 billion.

It also provides standby loans of $2 billion and money for short-term trade credits to finance exports.

But an agreement, widely expected to contain a standby loan of $1.4 billion, would still have to be submitted to the fund's director and board for approval.

Buenos Aires newspapers had said negotiators were seeking a standby loan of $1.2 billion, plus $350 million in drawing rights to compensate for lost exports.

They are here to try to negotiate a $4 billion standby loan and, perhaps, $6 billion to stabilize the ruble.

The agreement includes a provision for a $2 billion standby loan.

Under the letter of intent, the fund is to provide a $700 million standby loan.

All three countries have at one time or another during the 1980s had recourse to the IMF for standby loans.