WASHINGTON – U.S. Treasury Secretary Scott Bessent said on Monday that “all options for stabilization are on the table” to support Argentina, signalling Washington’s willingness to back Buenos Aires as President Javier Milei seeks international partners amid rising financial strain.
Bessent noted that possible measures “may include, but are not limited to, swap lines, direct currency purchases, and purchases of U.S. dollar-denominated government debt from Treasury’s Exchange Stabilization Fund.” Further details are expected after Milei meets U.S. President Donald Trump on Tuesday in New York, on the sidelines of the United Nations General Assembly. Bessent confirmed he will also be present at the meeting.
Argentina remains under intense market pressure despite securing a $20 billion four-year loan agreement with the International Monetary Fund (IMF) in April. The deal commits Buenos Aires to unwind strict currency controls and relax management of the peso, policies that have fueled heated debate domestically. Milei now faces heightened scrutiny after his ruling coalition suffered electoral setbacks in Buenos Aires province, raising fears of public backlash against austerity.
Last week, Argentina’s central bank staged its largest single-day currency intervention in nearly six years, selling $678 million to shore up the peso amid heavy dollar demand from investors alarmed by political instability. That move brought total sales to $1.1 billion over just three sessions, depleting critical reserves at a moment when confidence is fragile.
Despite these challenges, Bessent expressed Washington’s support for Milei’s reforms. “We remain confident that President @JMilei’s support for fiscal discipline and pro-growth reforms are necessary to break Argentina’s long history of decline,” he wrote on X.
Plans for Milei to meet with IMF Managing Director Kristalina Georgieva during the U.N. summit remain uncertain. The IMF has not yet commented publicly on Argentina’s latest financial developments