US is working on doubling aid to Argentina to $40 billion by tapping private funding sources [View all]

Source: AP via Yahoo Finance

The Trump administration is looking to provide an additional $20 billion in financing for Argentina through a mix of financing from sovereign funds and the private sector.

That would come on top of the $20 billion credit swap line that the U.S. Treasury pledged to Argentine President Javier Milei and his government this month to bolster the South American nation's collapsing currency.

“We are working on a $20 billion facility that would complement our swap line, with private banks and sovereign funds that, I believe, would be more focused on the debt market,” Treasury Secretary Scott Bessent told reporters Wednesday. He called it “a private-sector solution” and said "many banks are interested in it and many sovereign funds have expressed interest.”

At a White House meeting Tuesday with Milei, Republican President Donald Trump said his administration wanted to help “our neighbors” with the aid package, but he also suggested that the money could be pulled if Milei's party did not prevail in the Oct. 26 midterm elections.

Read more: https://finance.yahoo.com/news/us-working-doubling-aid-argentina-184019740.html