Argentina sealed a $20 billion, 48-month Extended Fund Facility deal with the International Monetary Fund on Friday and, in a major policy move ahead of the deal, dismantled key parts of its years-long currency controls and loosened its grip on the peso.

Argentina has agreed to relax its strict currency controls as part of a $20bn loan from the IMF, as pressures mount on libertarian President Javier Milei’s plan to revive the economy.