Martin Guzman

Argentine economy minister Martin Guzman, who led debt renegotiations with the International Monetary Fund, announced his resignation Saturday, sparking fresh uncertainty in Latin America's third largest economy.

Argentina on May 24 announced an easing of foreign exchange controls for the shale oil and gas industry in a bid to promote investment and boost production.

In an area known as Vaca Muerta in Patagonia, Argentina has what is considered the second-largest shale gas reserve in the world and the fourth largest of shale oil.

Argentina has reached an agreement with the International Monetary Fund to refinance more than $40 billion in debt, President Alberto Fernandez has said.

"We had an unpayable debt that left us without a present or a future, and now we have a reasonable agreement that will allow us to grow and comply," Fernandez said on national television on Jan. 28.