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.

The libertarian government of President Javier Milei on Friday announced that it would lift most of the country’s strict capital and currency controls on Monday, a high-stakes gamble made possible by a new loan from the International Monetary Fund.

The Argentine government said Friday it had reached an agreement with the International Monetary Fund for a loan of $20 billion and the elimination of foreign exchange controls.