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.¡±
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.