Argentina has sealed a $20 billion extended fund facility (EFF) with the International Monetary Fund and dismantled large parts of its currency controls as libertarian President Javier Milei looks to drag the country out of a prolonged economic slump.

Argentina on Tuesday received an initial $12 billion from a new $20 billion loan agreed by the International Monetary Fund, which the central bank said would be used to boost its reserves. The South American country has loosened currency controls to receive about $42 billion from the IMF,

Argentine President Javier Milei’s economy minister announced on Friday that the libertarian government would lift the country’s strict capital and currency controls in a few days, a high-stakes gamble made possible by a new loan from the International Monetary Fund.