BUENOS AIRES, Argentina (AP) — Argentina's government said Tuesday it has reached agreement with its principle creditors to restructure more than $65 billion in foreign debt following seven months of negotiations and shifting deadlines.

The government of President Alberto Fernández said the deal means “significant debt relief," adjusting the dates of payments without raising the total amount of capital and interest to be paid.

It said it also improved on the government's previous offer to creditors.

The government said it reached the debt exchange agreement with the Ad Hoc Argentine Bondholder Group, The Argentina Creditor Committee and the Exchange Bondholder Group, among others.

Argentina formally defaulted on its debt obligations earlier this year for the second time in two decades. The country's economy was struggling even before the COVID-19 pandemic struck.