The International Monetary Fund (IMF) reached a preliminary agreement with Argentina for a $20 billion bailout. This comes as President Javier Milei implements free-market austerity measures to stabilize the economy, reversing previous left-wing policies that led to repeated defaults. The bailout, requiring final board approval, offers a lifeline to Argentina's dwindling foreign exchange reserves. While praised for reducing inflation, Milei's austerity measures have faced criticism for disproportionately impacting the poor, leading to protests. The deal aims to support Argentina's reform agenda, though the upfront payment amount remains unclear.

Prepared by Christopher Adams and reviewed by editorial team.