US President Donald Trump said Tuesday that he backs President Mauricio Macri and his government's handling of the crisis, which saw a series of austerity measures and tax alterations announced this week.
Macri said the situation was "an emergency."
The tumbling peso has added to the country's inflation, which is now expected to reach an annual rate of more than 40 percent according to private estimates.
Economic analysts expect Argentina to plunge into a deeper recession and forecast even higher consumer prices and a weaker currency.
In a temporary relief to the embattled government, the peso strengthened Wednesday to close at about 39 pesos per US dollar, compared to 39.50 a day earlier.
"The reformulation of the [IMF] programme will help us leave behind these days of anguish and volatility and will slowly allow the opening of credit to Argentina," Dujovne said. "It will open the doors to private financing and that way we will be able to get back on the path of growth."