I'm John Bachelor with Professor Evan Ellis. This is the New World Report, and we spend our time wandering around worrying.

We're not worried about Argentina.

We have a really good headline.

Argentina reaches IMF deal opening door to $1 billion in fresh funds.

Subhead, Argentina reached a staff-level agreement with the International Monetary Fund,

the second review of its $20 billion program, the IMF said. reached a staff level agreement with the International Monetary Fund.

The second review of its $20 billion program, the IMF said,

unlocking one billion disbursement subject to approval by its executive board.

Javier Malay, after spending years with that beetle haircut,

is now a success, according to the IMF. This is good news, Professor, correct?

Absolutely. And I think in part it's the leadership of Javier Malay and the additional political room that he got when his party of the Libertad Ivansa performed very strongly in the previous

midterm elections, taking away some of the

kind of the political risk that investors have.

Malay early on did some very important things to cut government spending, which created a lot

of political pain, but also, you know, helped to reinvigorate the economy.

He brought the official currency rate back into the official

rate and the informal rate into line, which allowed money to flow in with people believing

that you can actually have a convertible peso once again. So little by little now, the Argentine

economy is reactivated. There was a bit of a

currency payments crisis coming into the midterm elections, much like the same thing that had sunk

Mauricio Macri, the previous center-right president, but with strong U.S. support and a new $20 billion

IMF aid package and additional U.S. commitments beyond that,

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