(Bloomberg) -- Argentina and the International Monetary Fund have reached an understanding on a fiscal path and the nation agreed to make a payment of more than $700 million due on Friday, according to people familiar with the talks.

The agreement comes after almost a week of negotiations and it’s a first step before reaching a full deal to refinance more than $40 billion of an outstanding loan, the people said, asking not to be named without permission to speak publicly. The two parties have agreed for the country to reach a balanced primary budget in 2025, one of the people said. The nation’s economy ministry and IMF staff are expected to continue discussing details of the program, the people said.

Argentina’s economy ministry didn’t immediately return a message seeking comment after normal business hours on Thursday. IMF spokesman Gerry Rice declined to comment.

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