The International Monetary Fund‘s executive board on Friday approved a $45 billion program for Argentina after more than a year of negotiations, two sources with direct knowledge said, allowing the South American grains exporter to avoid a costly default with the Washington-based lender.

The agreement, which follows a staff-level agreement earlier in March, marks the 22nd IMF program for Argentina since it joined the Fund in 1956.

It replaces a failed $57 billion program from 2018, the largest in the Fund’s history, for which Argentina still owes over $40 billion.

The new program would see funds disbursed over 30 months and a new repayment schedule between 2026-2034. It includes an economic program to reduce the fiscal deficit, bolster reserves, cut huge energy subsidies and push up real interest rates.