The International Monetary Fund on Tuesday said it has reached a preliminary agreement with Argentina on a $20 billion bailout, providing a welcome reprieve to President Javier Milei as he seeks to overturn the country’s old economic order.

Argentina has reached a $20 billion agreement with the International Monetary Fund (IMF) that will help President Javier Milei advance the next phase of his pro-market reforms. The IMF announced on Tuesday that it had reached a staff-level agreement with Argentina for a new loan under its Extended Fund Facility program.

J avier Milei can barely contain his excitement. Since December, when the IMF ’s last agreement with Argentina ran out, the country’s president has sought a fresh bail-out. Indeed, his efforts include an executive order to remove the need for Congress to approve the deal.