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.
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