US Treasury Secretary Scott Bessent announced on Thursday that the United States has agreed to extend major assistance to Argentina, after the embattled South American nation failed on its own to stabilise its exchange rate.
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Washington has finalised a US$20 billion currency swap framework with Argentina’s central bank, Bessent said in a social media post.
He also said that the US on Thursday directly bought Argentine pesos as part of its support for the country – a step that American authorities have rarely taken in recent decades.
“The US Treasury is prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets,” Bessent said.
The announcements follow several days of talks with Argentina’s economic team, including Economy Minister Luis Caputo, who also met this week with International Monetary Fund Managing Director Kristalina Georgieva.
Bessent said Caputo “informed me of his close coordination with the IMF on Argentina’s commitments under its programme”.