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.

By Mathew Cohen The International Monetary Fund's (IMF) executive board late on April 11 approved a $20bn bailout package for Argentina, capping weeks of intense negotiations aimed at shoring up the country's ailing foreign reserves.

BUENOS AIRES, Argentina (AP) — 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.