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.

President Javier Milei on Friday announced that he would lift most of the country’s strict capital and currency controls next week, 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,