The market crisis that followed President Milei’s party defeat in the recent elections appears to have been averted after the Trump administration signaled support for a large intervention to replenish Argentina’s reserves.

After a joint meeting with Argentina’s authorities on Tuesday, U.S. Treasury Secretary Scott Bessent praised Milei’s policies, stressing that under his leadership the country had taken “important strides” toward stabilization.

Bessent, who had stated before that all options for stabilization were being considered, revealed that the U.S. was currently negotiating a $20 billion swap line with the central bank. He also hinted at other measures to intervene, including injecting even more funds through the Exchange Stabilization Fund, a facility focused on stabilizing the exchange value of the dollar.

The intervention could also include the direct purchase of Argentine debt papers, expanding the help, given that Trump considers Milei “a very good friend, fighter, and WINNER,” as stated recently in an endorsement posted on social media.

Milei celebrated this support, stressing that his administration “deeply values our friendship with the United States and its commitment to strengthening our partnership based on shared values.”

While markets reacted positively, and the dollar’s exchange rate returned to levels under the point of central bank intervention, some are concerned about the effectiveness of Milei’s economic policies.

Gita Gopinath, former Chief Economist of the International Monetary Fund (IMF), assessed that while U.S. support was helpful, Argentina might have to change its economic strategies in the long term. “Durable progress will require Argentina to move to a more flexible exchange rate regime, accumulate reserves, and build support for its reforms at home,” she concluded.

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