During a press conference, Bessent also announced additional financial aid for Milei's government
The United States Treasury Secretary also announced that Washington seeks to partner with the private sector to create a new 20 billion dollar fund to support the Argentine economy, according to AFP.
"We're working on a 20 billion dollar fund that would be alongside our swap line, made up of private banks and sovereign funds, which I believe would be more targeted at the debt market," Scott Bessent explained during a meeting with journalists in Washington.
The official added that, if this financial scheme is implemented, total United States support for Argentina would reach 40 billion dollars, according to statements collected in the U.S. capital.
During the meeting at the White House held yesterday, President Donald Trump praised Javier Milei, saying that he has done "a great job" and described him as a "great economist" who is "on the verge of tremendous economic success."
He also emphasized that Argentina "is a great country with great potential under good leadership, and now it has it." However, Trump stated that United States support for Argentina depends on Milei's reelection in the upcoming presidential elections, and warned that if Milei loses, the U.S. "won't waste time" with Argentina.
The United States Department of the Treasury carried out an operation to purchase Argentine pesos in the open market this Wednesday, according to Reuters.
The Treasury Secretary, Scott Bessent, also provided details about a swap line backed by Special Drawing Rights (SDR) within the currency stabilization fund that Washington seeks to activate to provide financial support to Argentina.
During a press conference, Bessent was asked about the possibility of the United States acquiring Argentine sovereign debt. The official replied that "we could," although he avoided providing further details or specific figures, according to information released by Reuters.
Meanwhile, Donald Trump's official emphasized that a potential electoral victory by La Libertad Avanza, the party of Javier Milei, could strengthen the Argentine president's veto power over legislative projects detrimental to the country's economy.
