President of Argentina Javier Milei departs after attending Donald Trump's inauguration ceremonies in the Rotunda of the Capitol in Washington, D.C., on January 20, 2025. On Thursday, the Trump administration bailed out Argentina with a $20 billion currency swap. File Pool photo by Chip Somodevilla/UPI | License Photo
Oct. 10 (UPI) -- The United States has finalized a $20 billion financial support framework with Argentina, making good on President Donald Trump's pledge to help the struggling country, led by ally President Javier Milei, despite growing opposition to the move from both Democrats and Republicans.
Treasury Secretary Scott Bessent announced the deal Thursday on X, saying it followed four days of "intensive meetings" in Washington, D.C., with Argentina's Minister of Economy Luis Caputo.
The deal, which includes a $20 billion currency swap and the direct purchase of Argentine pesos, was completed with Argentina's central bank, said Bessent, adding that his department is prepared to "immediately" take all measures needed to stabilize the South American country's markets.
"Argentina faces a moment of acute illiquidity," he said in the statement.
