Argentina’s government announced on Tuesday 4 it had reached an agreement with its principle creditors to restructure more than $65 billion in foreign debt following seven months of negotiations and shifting deadlines.

The deal with key creditors like BlackRock Inc, Ashmore Group Plc, and Fidelity Investments would provide “significant debt relief” by adjusting the dates of payments without raising the total amount of capital and interest to be paid. The government of Mr Fernández didn’t provide a net-present value for the agreement, but sources close to the case are saying the deal is worth about 54.8 cents on the dollar. Argentina’s last offer was worth 53.5 cents per dollar while creditors request 56.5.

President Fernández must now turn his attention toward the I.M.F. as the country looks to resolve issues with its senior creditor and replace the failed financing arrangement signed under Macri’s administration in 2018. He must also focus on reigniting an economy that has been shuttered for months, and sparking growth as the country braces for one of its sharpest economic contractions on record (13.5% decline in gross domestic product according to Bank of America forecast).