Liliana Franco Argentine President Javier Milei welcomed United States Treasury Secretary Scott Bessent to the Casa Rosada on Monday to discuss the country’s new economic reforms.
Milei praised the progress of his economic plan following the lifting of restrictions on the purchase of U.S. dollars and other foreign currencies, a restriction known locally as the cepo. He also praised the agreement with the IMF and also highlighted negotiations to achieve a free trade agreement amid the tariff war unleashed by U.S. President Donald Trump. His visit is considered a “strong endorsement ” of the president’s administration.
In a live interview with Bloomberg from Buenos Aires, Bessent said he had told Milei, like other countries, to bring his “A-game” in regard to negotiations of Trump’s tariffs. “I wanted to come here today to show support for President Milei and his commitment to what I think is historic in terms of bringing Argentina back from the precipice.”
In a statement earlier released by the U.S. Treasury, Bessent “reaffirmed the United States’ full support for President Milei’s bold economic reforms and commended him for his administration’s prompt action to reduce barriers to two-way trade with the United States.”
He also congratulated the president on Argentina’s “recent and successful” negotiations with the International Monetary Fund (IMF), while also commenting on the country’s renewed US$5 billion currency swap deal with China that was announced last week.
He told Bloomberg: “[If] this administration continues to stay the course on their economic policies, they should eventually have enough foreign exchange inflows to be able to pay that off.”
During his brief trip, the Trump official met with the president and visited the economy minister and members of his team.
Scott Bessent’s visit
Among the president’s inner circle, Bessent’s surprise visit was considered striking.
The treasury secretary, who often speaks to Luis Caputo, reportedly asked whether “it’s helpful for me to go to Argentina.” Caputo was quick to respond: “Yes, of course.”
Bessent arrived three days after the announcement that Argentina had reached an agreement with the International Monetary Fund (IMF) and received credit support from the World Bank and the Inter-American Development Bank.
On Monday, the “prior actions” agreed upon with the IMF take effect. These include a banded floating exchange rate and the elimination of several currency controls.
Bessent’s visit may not be the only one. Tactic consulting firm, represented by Soledad Cedro and Barry Bennet, has been speaking to him about his possible attendance at a business event scheduled to take place midway through the year in Buenos Aires.
As U.S. Secretary of the Treasury, Bessent is fifth in the line of presidential succession. His role is key to the country’s economic management, since he is responsible for formulating and recommending national and international economic, financial, and tax policy and participating in the development of wide-ranging fiscal policies that are of general importance for the economy and administration of public debt.