Argentina's government expects the International Monetary Fund board will approve a $20 billion loan deal at the end of the week, a government spokesman said on Wednesday, in what would mark a key step to boost the flagging economy.

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.

Argentina has reached a $20 billion agreement with the International Monetary Fund (IMF) that will help President Javier Milei advance the next phase of his pro-market reforms. The IMF announced on Tuesday that it had reached a staff-level agreement with Argentina for a new loan under its Extended Fund Facility program.