Treasury Secretary Scott Bessent announced that Argentina has repaid the United States after having a $20 billion backstop last year.
“I am pleased to announce that, reflecting its strengthened financial position, Argentina has both quickly and fully repaid its limited draw on the swap facility with the United States, such that the Exchange Stabilization Fund currently does not hold any pesos,” Bessent explained on social media. “Stabilizing a strong American ally – and making tens of millions in profit for Americans – is an America First homerun deal. Setting the course for Latin America, a strong and stable Argentina that helps anchor a prosperous Western Hemisphere is in our clear best interest.”
“In summary, Treasury deployed the Exchange Stabilization Fund exactly in-line with its congressional purpose and our ESF actions worked precisely as Congress intended: to stabilize Argentina in its crisis moment of acute, short-term, and urgent illiquidity pressure on both exchange rate and financial stability,” he further stated, going on to declare that the ESF “has never lost money.”
“Our nation has been fully repaid while making tens of millions in USD profit for the American taxpayer,” Bessent added. “With Argentina stabilized, the markets are now meeting the Argentine Republic’s financing needs under President Milei’s visionary leadership.”
The currency deal occurred in October. The Central Bank of the Argentine Republic (BCRA) confirmed the deal, explaining that the agreement’s objective is to “contribute to the macroeconomic stability of Argentina, with special emphasis on preserving price stability and promoting sustainable economic growth.”
