U.S. Aid Propels Milei's Economic Victory in Argentina

Former U.S. President Donald Trump stated on Monday that significant U.S. support contributed to Argentine President Javier Milei's midterm election win. Trump's administration offered financial backing, potentially up to $40 billion, to boost Milei's economic overhaul agenda.

Trump hailed the victory during his Asia trip, emphasizing the substantial endorsement given to Milei. Key officials, like Treasury Secretary Scott Bessent, were instrumental in providing financial assistance, further solidifying U.S. relations in South America, a region Trump highlighted as a focus of his administration.

This support package, including a $20 billion currency swap and a proposed $20 billion debt facility, bolstered Milei's mandate despite public discontent over austerity. Fitch Ratings noted the aid's role in sustaining Argentina's market stability and averting a credit rating downgrade, though they urged additional steps to improve foreign reserves.