"I am pleased to announce that IMF staff and the Argentine authorities reached an agreement on the fourth review of the economic program supported by the Stand-By Arrangement", Lipton said in the release. "Subject to the approval of the Executive Board, Argentina would have access to about US$ 5.4 billion".

Lipton explained that Argentine officials completed all fiscal, monetary and social expenditure targets set under the IMF-backed program.

Lipton also said that Argentinas economic reform policies are producing results reflected in the fact that financial markets stabilized in May and June while inflation is expected to drop in coming months.

The acting IMF chief said the board would discuss the review on 12 July and said the steadfast implementation of policies will be critical for continued progress.

In 2018, Argentina faced an economic disaster as the peso dropped and inflation soared, prompting the government to seek an IMF loan to stabilize the situation.

In October, the IMF increased Argentinas stand-by financing deal to $56.3 billion after the country agreed to stricter fiscal measures, including deep spending cuts and higher taxes.