This is the best summary I could come up with:

Argentina on Tuesday announced a sharp devaluation of its currency and cuts to energy and transportation subsidies as part of shock adjustments new President Javier Milei says are needed to deal with an economic “emergency.”

It comes two days after the libertarian Milei was sworn in as president of the second largest economy in South America, and immediately warned of tough measures.

He said the measures are necessary to cut the fiscal deficit he says is the cause of the country economic problems, including surging inflation.

The IMF welcomed the measures, saying they provide “a good foundation” for further discussions with Argentina about its debt with the institution.

“These bold initial actions aim to significantly improve public finances in a manner that protects the most vulnerable in society and strengthen the foreign exchange regime,” said IMF spokesperson Julie Kozack in a statement.

“Their decisive implementation will help stabilize the economy and set the basis for more sustainable and private-sector led growth.”

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