President Mauricio Macri announced in May that his government was seeking a financing deal with the International Monetary Fund following a sharp devaluation of Argentina's currency and a tough global economic outlook.
The IMF is disliked and has been blamed for Argentina's economic collapse in 2001 after it failed to provide financial support to the country.
As part of the agreement, Argentina's government pledged to speed up plans to reduce the fiscal deficit.
Argentine leaders sought out the International Monetary Fund following a sharp selloff in the peso in May as global volatility and concerns about the central bank's credibility boiled over.
Central Bank President Federico Sturzenegger said the bank will still intervene in currency markets in times of "disruptive movement".
"In the short-term we expect a rally in Argentinean assets", Ezequiel Zambaglione, head of research at Buenos Aires brokerage Max Valores, wrote in a Friday note to clients.
The interest rate will be from 1.96-4.96 percent, depending on how much Argentina uses. With the Federal Reserve tipped to raise rates when it meets next week, central bank governors of India and Indonesia this week called on the Fed to be mindful of its actions. The government has agreed to send a bill that gives the central bank more autonomy, though details on the timing were scant.
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"It is convincing and greatly exceeds expectations".
But the short-term economic picture for Argentina remains more complicated than it appeared several months ago.
It will also need to bring inflation down to 17% by 2019, 13% by 2020 and 9% by 2021, Mr Dujovne said. The previous targets were 2.2 percent and 3.2 percent, respectively.
Argentina's annual inflation target was 15 percent for 2018, but had reached nearly 10 percent by April, and forecasts suggest it will hit 27 percent.
"They are mortgaging the future for our children and grandchildren", Martin Sabbatella, a politician aligned with former populist President Cristina Fernandez, wrote on Twitter.
"We believe that Argentina's economic and financial policies, including measures to enhance growth and protect the most vulnerable, warrant the strong backing of the worldwide community", he said.
The country has also agreed to separate loans with the Inter-American Development Bank, the World Bank and the CAP development bank for a total of $5.65 billion in additional financing.