Argentina and the International Monetary Fund (IMF) announced an agreement Wednesday that the IMF will increase its financial aid by 7.1 billion to 57.1 billion U.S. dollars.

The announcement was made by IMF's managing director Christine Lagarde and Argentina's finance minister Nicolas Dujovne in New York.

Lagarde confirmed the IMF's support to Argentina's economic and monetary policies. She also expressed the monetary organization's commitment to help the country face new financial challenges.

Following two weeks of negotiations, Argentina and the IMF also agreed to new terms in the disbursement of the original 50 billion dollar funding package so the South American country can meet its financial obligations for 2019.

Through the end of 2018, Argentina will receive payments of 13.4 billion dollars which are added to the 15 billion U.S. dollars it received in June. In 2019 Argentina will be able to access portions totaling 22.8 billion dollars.