Argentina has sealed a $20 billion extended fund facility (EFF) with the International Monetary Fund and dismantled large parts of its currency controls as libertarian President Javier Milei looks to drag the country out of a prolonged economic slump.

Argentina assets jumped after the country lifted most of its capital controls as part of its new $20 billion program with the International Monetary Fund.

Argentina's peso slid 12% on Monday to around 1,200 per dollar after the country undid large parts of its currency and capital controls at the end of last week, part of sealing a $20 billion loan program with the International Monetary Fund.