Argentina’s radical, anarcho-capitalist President Javier Milei may turn out to be pretty conventional. That comes with good and bad news for investors.

Late on Tuesday, the country’s new government announced its first set of economic measures since Milei was sworn in. Economy Minister Luis Caputo said the peso’s official exchange rate against the U.S. dollar would be roughly halved and that public spending would be drastically reduced by cutting energy and transportation subsidies, canceling public works and reducing transfers to provinces.