Argentine President Alberto Fernandez announced on Friday that they have reached an agreement with the International Monetary Fund to revamp the debt of over $40 billion that the country has been struggling to pay, as reported by Reuters.

"The agreement does not condition Argentina's economic policies nor impose reaching 'zero deficit'," Fernandez added and said that they will send the agreement to Congress for approval.

Commenting on this development, Argentina's Economy Minister Martín Guzmán explained the agreement with the IMF involves an economic framework and measures that promote the country's growth. "There will be no sudden exchange rate shock," Guzmán further noted. "International reserves expected to grow by $5 billion in 2022."