US aims to raise $20bn ‘facility’ to support Argentina’s struggling economy | Business and Economy News
The additional boost, which comes on top of a $20bn currency swap, comes shortly before Argentina's midterm elections.The head of the United States Treasury, Scott Bessent, has announced he is working to corral the private sector around a new $20bn “facility” to support Argentina’s embattled economy.“We are working on a $20bn facility that would be adjacent to our swap line, of private banks and sovereign wealth funds that I think would be more aimed at the debt market,” he told reporters on Wednesday in Washington, DC.Recommended Stories list of 3 itemsend of listBessent added that he had spent “weeks” working on the private-sector solution to Argentina’s upcoming debt payments, which would come on top of the $20bn currency swap the US Treasury recently set up to prop up the country’s peso.“So that would be a total of 40 billion for Argentina,” he said, in remarks that triggered a rebound on Argentinian stocks.Bessent’s comments mark the latest round of US support for Argentina’s right-wing populist leader Javier Milei, whose party faces an uphill battle in the country’s midterm elections later this month.Milei enacted sweeping budget cuts after taking office in 2023 in a bid to quell inflation and turn the Argentinian economy…
