The US has pledged support to Argentina’s struggling economy, with Treasury Secretary Scott Bessent promising all necessary measures to help President Javier Milei’s government. This comes ahead of legislative elections in Argentina next month. The US is prepared to offer loans, direct currency purchases, and buy back Argentine government debt to stabilize the country’s economy.
The US-Argentina relationship has deepened under former President Trump, who described Milei as his “favorite president.” As a result, the two countries have strengthened ties, making Argentina crucial for US influence in Latin America. The US sees Argentina’s economy as key to its presence in the region and is eager to maintain access to strategic minerals like lithium.
Argentina has faced economic crises for decades. President Milei has introduced policies to curb fiscal imbalances and inflation but has suffered setbacks recently, including a corruption scandal and opposition from congress. The government has loosened currency controls but sold foreign reserves to shore up the peso, which has been declining sharply.
The US offers support at a critical time, as Argentina faces nearly $10 billion in debt payments to the IMF by 2026. The country has received 23 loan packages from the IMF since 1958, with Argentina accounting for about 35% of the fund’s outstanding loans.
Treasury Secretary Bessent said that the US is ready to offer assistance to help Milei’s government navigate this crisis. He promised a meeting with Milei in New York and expressed confidence in their ability to work together. This move has cheered investors, who see it as a “circuit breaker” for Argentina’s economy.
Source: https://www.nytimes.com/2025/09/22/us/politics/us-argentina-bessent-javier-milei.html