The Trump administration confirmed a USD 20 billion swap and the purchase of Argentine pesos.

The United States Department of the Treasury confirmed today a set of exceptional measures to support Argentina's economic stability, following four days of intense meetings between Treasury Secretary Scott Bessent and the Government of Javier Milei, represented by Argentina's Minister of Economy, Luis "Toto" Caputo.

In a statement published on X, Bessent emphasized that both countries agreed to recognize Argentina's solid economic essentials, as well as the structural reforms already underway that will generate significant dollar exports and foreign currency reserves. However, he admitted that the country is facing "a moment of severe illiquidity" and stressed the need for swift measures.

Concrete measures

As part of the support, the United States announced that it directly purchased Argentine pesos and closed a currency swap agreement for 20 billion dollars with the Central Bank of Argentina. This mechanism will allow Milei's Government to immediately access dollar liquidity, with the goal of stabilizing the markets and supporting the economic program.

"Only the United States can act quickly. We'll act," Bessent stated, noting that the Treasury is prepared to take "exceptional measures."

Political and strategic commitment

Bessent also highlighted that the support for Argentina fits within the economic leadership of President Donald Trump’s "America First" policy, aimed at strengthening allies that promote fair trade and American investment. He noted that there is a growing interest from American companies in strengthening ties with Argentina, driven by President Javier Milei’s administration.

In this regard, the Treasury Secretary indicated that they discussed investment incentives and American tools to enhance bilateral economic cooperation.

The statement also reflects close coordination between Argentina and the International Monetary Fund (IMF) within the framework of the current economic program. Bessent emphasized that Argentina's policies based on fiscal discipline and the current exchange rate band are "solid and appropriate."

He also highlighted that there is internal political consensus for the second half of Milei's term, underscoring the Argentine Government's intention to move toward "fiscally sound economic freedom" through tax reduction, greater investment, private job creation, and international cooperation.

"The success of Argentina's reform agenda is of systemic importance," Bessent stated, adding that a stable country would strengthen prosperity in the Western Hemisphere, in line with US strategic interests.

The Treasury Secretary concluded his message by expressing positive expectations for the meeting between Trump and Milei scheduled for October 14 and reiterated his intention to continue conversations with Caputo during upcoming IMF meetings.