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 reached a $20 billion agreement with the International Monetary Fund after President Javier Milei made sweeping changes to ease the nation’s currency controls in a landmark moment for his government.

The announcement comes ahead of an expected $20 billion deal with the International Monetary Fund. Argentina will also eliminate the so-called "dollar clamp", that restricted access to foreign currency,