The International Monetary Fund (IMF) has agreed to lend $ 50 billion to Argentina to bolster its fragile economy in exchange for commitments to deep reforms to curb government spending.
The three-year agreement remains to be approved by the IMF board.
"We have approached the IMF for precautionary reasons in order to avoid a crisis," Argentine Finance Minister Nicolas Dohovne told a news conference in Buenos Aires.
"We are committed to rebuilding a normal country. "This is a support to our program aimed at developing the economy and reducing inflation and poverty."
The state of Argentina's economy is not catastrophic, but this Latin American country needs to strengthen its monetary reserves, stabilize foreign exchange markets and create a better economic climate to attract investors.
Inflation has been exceeding 10% for 20 years.
Argentina's center-right president Mauricio Macri has called on the IMF for help, and Dohovne began talks with the Fund on May 8th.
Argentines are hostile to the IMF, which they blame for their country's economic collapse in 2001.
For her part, the fund's director general, Christine Lagarde, congratulated the country's authorities on reaching an agreement.
"As we have emphasized in the past, this plan has been drawn up by the Argentine government and aims to strengthen the economy for the benefit of all Argentines," Lagarde said.
"I am pleased that we can contribute to this effort by offering our financial support," he added.
Following the peso crisis in April and May, during which the Argentine currency depreciated by almost 20%, Macri set a goal of reducing the country's budget deficit. The deficit fell from 6% to 3,9% of GDP during the two years that Macri, who was elected at the end of 2015, has been in the presidency.