US Unveils $20 Bln Economic Support Plan for Argentina

The United States has announced a $20 billion economic support program for Argentina, according to Treasury Secretary Scott Bessent.

The initiative comes as Argentine President Javier Milei, a close ally of former US President Donald Trump, faces financial market instability following a setback in the Buenos Aires provincial elections, seen as a key signal ahead of midterm polls.

Bessent stated that Argentina is experiencing a severe liquidity shortage and that Washington is ready to act swiftly. He confirmed that the US Treasury had directly purchased the Argentine peso and established a $20 billion currency swap arrangement with Argentina’s central bank.

He also noted that the Treasury stands ready to take any extraordinary measures needed to ensure market stability.

Following the announcement, Milei thanked Trump for his leadership, saying the two nations will continue to promote economic freedom and prosperity together.

The plan was finalized after four days of meetings between Bessent and Argentine Economy Minister Luis Caputo in Washington. Bessent also revealed that Trump will meet Milei on 14 October and that he plans to meet Caputo again during next week’s IMF and World Bank annual meetings.