U.S. Financial Support to Argentina

Since assuming office in December 2023, President Javier Milei has sought to overhaul Argentina’s economy through pro-market and public sector reforms, while increasing foreign policy alignment with the United States. Despite the economic reform agenda, the Argentine government has struggled to stabilize its currency. In October 2025, U.S. Treasury Secretary Scott Bessent announced U.S. financial support for Argentina, including a $20 billion currency swap line financed through the Treasury Department’s Exchange Stabilization Fund (ESF). Although Secretary Bessent describes Argentina as a systemically important U.S. ally in Latin America, some Members of Congress have raised concerns about the use of taxpayer funds to support Argentina. For example, they have argued that the policies disadvantage U.S. exporters competing with Argentina in global markets (particularly for soy products); that a prospective increase in U.S. imports of Argentine beef could negatively impact U.S. ranchers; that U.S. support is not justified on economic grounds and puts taxpayer dollars at risk; that the measures amount to interference in a foreign democratic election; that the support unduly benefits private investors who had invested in the Argentine assets; and that the terms and details of the financial support are not public. As Congress evaluates the Administration’s policy response to Argentina, Congress might conclude that the current status of ESF operations is the appropriate policy course and endorse the status quo. Alternatively, Congress might conclude that the current policy response is not optimal for U.S. interests. In that scenario, Congress has a number of policy options for shaping U.S. financial support to Argentina, depending on its policy goals. If Congress has concerns about financial support to Argentina, Congress could, for example, limit the Treasury Secretary’s ability to use ESF funds to support foreign governments or require the Treasury Secretary to disclose details about ESF operations involving foreign governments to key congressional committees. If Congress endorses greater financial support to Argentina, it could, for example, direct the Treasury Secretary to increase the amount and duration of currency swap line or explore additional measures of support. For background on Argentina and the Milei administration, see CRS Report R48303, Argentina: Overview and U.S. Relations, by Joshua Klein.