U.S. Treasury Secretary Scott Bessent is scheduled to meet with Argentine President Javier Milei and various government and business leaders in Buenos Aires next week to express support for the nation’s economic reforms, as announced by the Treasury Department on Thursday.
“I am eager to engage in constructive discussions regarding Argentina’s economy and to explore opportunities for strengthening our essential economic partnership,” Bessent stated.
This trip marks Bessent’s first international visit since assuming office and is set for Monday, following the anticipated approval of a $20 billion loan agreement by the International Monetary Fund’s Executive Board on Friday. The Milei administration is advocating for the IMF to release approximately 40% of the funds upfront.
The IMF agreement is crucial for Argentina as it seeks to recover from its most severe economic crisis in decades. The country, the second-largest economy in South America, is grappling with triple-digit inflation, a recession, and a significant decline in foreign currency reserves, which remain negative on a net basis.
As Treasury Secretary, Bessent oversees the predominant U.S. stake in both the IMF and the World Bank, which are scheduled to convene for their spring meeting in Washington during the week of April 21.
Milei, whose right-wing ideology aligns closely with that of Donald Trump, was one of the first foreign leaders to visit Trump’s Mar-a-Lago estate in Florida following the U.S. elections in November.
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In February, at a conservative conference near Washington, Milei presented his signature chainsaw to Elon Musk, the billionaire tasked with reducing U.S. government expenditures.
The Treasury’s announcement praised Milei’s economic strategies, asserting that he “has revived Argentina from economic despair.”
The statement also indicated that Bessent would reaffirm strong U.S. support for the ongoing execution of Milei’s economic reform initiatives and encourage other nations to lend their support as well.
