Argentina reached a $20 billion agreement with the International Monetary Fund Friday as President Javier Milei made sweeping changes to ease the nation’s currency controls in a landmark moment for his government.
As part of the agreement, Argentina will receive $12 billion of the total up front, while the central bank announced it will let the peso freely trade within a range of 1,000 pesos to 1,400 pesos per dollar, and will widen that spectrum by 1% a month. The policy change, among several rolled out, abandoned Argentina’s strictest currency controls that Milei had inherited and later tightened after taking office.
"This time is indeed different,” Milei said in a national address late Friday, touting his economic achievements so far. "It’s the first time in history the Fund approves a program that isn’t to finance a macroeconomic transition from disorderly to orderly, but to support an economic program already bearing fruit.”
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