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.

BUENOS AIRES, Argentina (AP) — Argentine President Javier Milei’s economy minister announced on Friday that the libertarian government would lift the country’s strict capital and currency controls in a few days, a high-stakes gamble made possible by a new loan from the International Monetary Fund.

The announcement comes ahead of an expected $20 billion deal with the International Monetary Fund. Argentina will also eliminate the so-called "dollar clamp", that restricted access to foreign currency,