The International Monetary Fund has agreed to increase its crisis loan package aimed at restoring confidence in Argentina's struggling economy by $7 billion to $57 billion, the South American country's Finance Minister Nicolas Dujovne said on Wednesday.

The agreement "will allow our country to leave behind the turbulent path of recent months," said Dujovne during a press conference with IMF Managing Director Christine Lagarde, on the sidelines of the United Nations General Assembly in New York.

Lagarde said the aim of the program was to help Argentina "face its challenges" and support the most vulnerable populations.