U.S. Treasury Secretary Scott Bessent announced on X that the United States will use every available financial tool to support Argentina’s battered economy as President Javier Milei heads to New York to meet President Donald Trump.
Bessent said Washington stands ready to open currency swap lines, intervene directly in foreign exchange markets and buy dollar-denominated Argentine bonds from its Exchange Stabilization Fund.
Argentina’s peso tumbled more than 12 percent in September after voters punished the ruling party in key provincial elections. The central bank sold over $1.1 billion in foreign reserves in just eight days to defend the peso’s trading band.
Argentina operates under a $20 billion IMF program that requires a flexible exchange rate and eased capital controls, leaving it exposed when investor confidence wanes.
Milei will first meet IMF Managing Director Kristalina Georgieva to shore up multilateral support, then turn to bilateral talks with Trump to secure rapid liquidity.
U.S. backing matters because it can shore up confidence, slow the peso’s slide and keep Argentina’s borrowing costs from spiking.
It also reflects Washington’s commercial interest in stable trade and investment flows across Latin America. This two-track approach aims to calm markets and prevent a deeper crisis.