Argentina has finally come up with an agreement with U.S. hedge funds to settle the $4.6 billion worth of bonds that left the country in a 15-year debt bout.

BBC reported Monday how President Mauricio Macri made good on his promise to end the conflict between the Argentine government and creditors that lasted nearly one and a half decades.

The country was left in a bad economic situation after his predecessor, President Cristina Fernandez de Kirchner, had previously refused to negotiate with what she dubbed as "vulture funds."

"The previous administration of Cristina Fernandez de Kirchner had approved a 'lock law' which forbids Argentina from paying out hedge funds in the terms that were negotiated today," BBC Correspondent Daniel Gallas explained.

According to the Tico Times, the former Argentine president deemed them as such because they appeared to be taking advantage of the debt-stricken country.

Argentina experienced a collapse in its economy back in 2001 and was forced to buy bonds which were heavily discounted at the time.

Now, after almost 15 years, the hedge funds, including NML and Aurelius came to an agreement with the Argentine government late on Sunday "to settle all claims" by paying a total of $4.65 billion to them.

"It gives me greatest pleasure to announce that the 15-year pitched battle between the Republic of Argentina and [NML owner] Elliott Management, led by Paul E. Singer, is now well on its way to being resolved," said Daniel Pollack, the mediator appointed by the court, on Monday.

However, Pollack clarified that while this definitely is a huge leap for what he called a "long-running litigation," it is not the final step that needs to be done in order to end the dispute, per a report from Reuters.

But because of the 'lock law' passed by the previous administration, Macri still needs to convince members of the Argentine Congress to repeal the legislation to support him in his challenging task of bringing the country to its former glory.

Despite this, Elliot Management expressed its satisfaction at how the matter is progressing.

According to Reuters, Elliot Management, the hedge fund owned by billionaire Paul Singer, is one of the hedge funds that filed multiple lawsuits against Argentina.

"He was a tough but fair negotiator," Pollack said of Elliot Management owner.

Pollack also lauded Macri for his initiative on the matter and even called him "heroic."