Argentina's central bank has announced a major overhaul to the country's exchange rate policy, unleashing the peso and years-long controls on the currency ahead of an expected $20 billion International Monetary Fund deal.

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.

The International Monetary Fund said it had reached agreement with Argentina on a $20 billion four-year bailout deal for the embattled country, South America's second largest economy.