U.S. President Donald Trump said the United States would support Argentina, but he did not believe a financial bailout was necessary as the World Bank announced it would accelerate $4 billion in previously planned public-private investments for the country.
Trump made the remarks on Tuesday alongside Argentine President Javier Milei on the sidelines of the U.N. General Assembly, a day after Treasury Secretary Scott Bessent said all options were being considered to stabilise Argentina’s financial markets.
“We’re going to help them. I don’t think they need a bailout,” Trump told reporters in New York.
“Scott is working with their country so they can get good debt and all the things needed to make Argentina great again,” Trump said.
He also endorsed Milei for re-election, stating his counterpart needs another term “to complete the job.”
When asked for more details about U.S. support, Trump added, “We are giving the president of Argentina our full backing and endorsement.”
Bessent had indicated on Monday that the U.S. could use tools such as the $219.5 billion Exchange Stabilization Fund to buy pesos or Argentine dollar-denominated debt, or open currency swap lines with Latin America’s third-largest economy. Any specific actions were to be determined after his and Trump’s meeting with Milei, though no announcements had been made by Tuesday afternoon.
A Treasury spokesperson did not respond to a Reuters request for comment.
The U.S. pledge of support for Milei, a right-wing ally of Trump, helped extend Monday’s rally in Argentina’s markets, with international bonds rising and the peso strengthening nearly 5% against the dollar.
World Bank investments
Separately, the World Bank Group said it would accelerate its $12 billion support plan for Argentina by deploying up to $4 billion in the coming months through public-sector financing and private-sector investment. Early funding will focus on priority sectors such as mining, energy, and tourism, though specific projects were not disclosed.
Democratic Senator Elizabeth Warren criticised Bessent for offering to stabilise Argentina’s financial markets with U.S. taxpayer funds, requesting a detailed explanation of potential costs.
“At a time when Americans are struggling to afford groceries, rent, credit card bills, and other debts, it is deeply troubling that the president intends to use significant emergency funds to inflate the value of a foreign government’s currency and bolster its financial markets,” wrote Warren, the top Democrat on the Senate Banking Committee.
U.S. President Donald Trump has called for Iran to pay compensation for decades of deaths and damage, adding a new demand to peace talks as Tehran see...
North Korea has deployed troops, weapons and now, according to a Ukrainian intelligence official, a missile unit to support Russia's war against Ukrai...
Kazakhstan has begun building the Beineu-Saksaulsk highway, a new Middle Corridor link expected to shorten freight journeys between China and Europe b...
One hundred years after the First World War and more than eighty years after the devastation of the Second World War gave rise to the United Nations, humanity once again finds itself living in an age of permanent crisis.
Flights arriving at Catania airport in eastern Sicily were suspended after volcanic ash from a new eruption of Mount Etna drifted into the airspace around the airport, disrupting operations at one of Italy’s busiest aviation hubs.
For months, efforts to secure the Red Sea have focused on what is happening in the water. Naval deployments have increased, governments have expanded maritime cooperation and shipping companies have adapted to persistent security threats.
Greenland has issued a “strong warning” to a U.S. oil company linked to President Donald Trump after drilling equipment was brought ashore without the required government approvals, according to British media.
A deal on a new route for vessels through the Strait of Hormuz is "very close," Iranian Foreign Minister Abbas Araghchi has said, while warning that the reopening of the waterway depends on the U.S. meeting other conditions, including paying compensation to Iran.
North Korea has deployed troops, weapons and now, according to a Ukrainian intelligence official, a missile unit to support Russia's war against Ukraine, marking Pyongyang's most significant involvement in a war since the 1950s.
U.S. President Donald Trump has called for Iran to pay compensation for decades of deaths and damage, adding a new demand to peace talks as Tehran seeks compensation and sanctions relief before reopening the Strait of Hormuz.
A criminal court in Damascus has sentenced former Syrian President Bashar al-Assad to death in absentia for premeditated murder, torture, arbitrary detention and crimes against humanity, according to Syria’s state news agency SANA.
Russia’s state nuclear corporation Rosatom plans to increase its workforce at Iran’s Bushehr Nuclear Power Plant to 100 specialists by the autumn, depending on the security situation and progress toward a halt in hostilities between Washington and Tehran.
U.S. President Donald Trump has warned FIFA against replacing its president, Gianni Infantino, as the football governing body faces mounting pressure over a failed proposal to sell an interest in the World Cup to private equity investors.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment