(Reuters) – The International Monetary Fund’s board approved a 48-month, $20 billion extended fund facility arrangement for Argentina and the immediate disbursement of $12 billion, the fund said on Friday.

Argentina needs the cash to unlock capital controls and bolster its foreign currency reserves.

The approved Extended Fund Facility is Argentina’s 23rd program with the IMF, to which Argentina is already the largest debtor.

(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Himani Sarkar)