Two key advances from Scott Besent in 48 hours brought relief to Luis Caputo

The urgency is accentuated before the net reserves in negative terrain and the extreme volatility that nests between Argentine assets and that could exacerbate speculative pressures on weight. Caputo is accompanied by Secretary Pablo Quirno, Vice Minister José Luis Daza and Santiago Bausili, president of BCRA. The Agenda includes a tight calendar that involves Dialogues with senior US Treasury officials and the International Monetary Fund (IMF).

The focus is in the Treasury Secretary, Scott Besentas the main bridge with the administration of Donald Trump, who has positioned Argentina as a key ally in his vision for Latin America. The President Javier Milei He highlighted in the last hours the progress of these efforts by stating that his government collaborates closely with the American treasure. “Now we are working with the American treasure. I traveled to Washington and now they are Caputo, Quirno, Daza, Bausili working with the IMF and the Treasury,” Milei said in statements that underline the bilateral commitment.

Besent’s two key signs

The news that transcended in the last hours relaxed, in part, the officials in Washington. US government sources anticipated that It works on an official reception organized by Trump in the White House for the next visit of Milei, on October 14. It will be a scenario to reaffirm personal friendship between both leaders and the strategic alliance between nations. Strictly speaking, it is a gesture that goes beyond the economic and aims to counteract external influences in the region.

For that reason, it is thought that diplomatic support -directed exclusively for Javier Milei- Raise the expectations of a package that combines direct help from Washington with the coordination of multilateral organisms. In the talks, the master strokes of help are delineated, including possible guarantees to restore access to international credit and immediate liquidity mechanisms, although with a absolute hermeticism that avoids premature leaks.

Sources of the Argentine delegation avoid speculation about amounts or deadlines and emphasize that varied options are evaluated to maximize the impact without compromising the internal reform agenda. The technical core of the proposal involves the United States exchange stabilization fund (ESF), with about US $ 25,000 million, complemented by the Special Rights of Giro (DEG) of the IMF that has the US, for around 150,000 million.

The gesture that opened the IMF’s door

There was also another detail that also comforted the government. Besent anticipated that he had spoken with the G7 group of ministers to use US Degs in the IMF in the IMF. It is the agency’s board that will define its acceptance or negative so that this can take place. It must be remembered that during the talk with Caputo last week, Besent had mentioned his meetings with ministers of the G7where, he said, he presented the need for Milei’s economic plan to work. “It is important for the people of Argentina, for the region and for the G7“, wrote.

Inspired by director’s instructions Kristalina Georgievathe scheme provides that the Active Degs Treasury to redeem them with the Federal Reserve (FED) and transfer dollars to the Central Bank. “The United States exchange stabilization fund is an instrument that has relatively limited liquidity and then has about 150,000 million DEG in the Monetary Fund. As suggested by Georgieva, Apparently what would be exploring is that the Treasury uses part of those SDR (the acronym in English of Deg), which would then be exchanged with the Federal Reserve for the current agreementsand so Argentina would receive dollars, ”details an expert in international finance with access to discussions.

Even so, the final modality generates uncertainty: if it implies new indebtedness, it will demand the endorsement of the Argentine Congress, in a panorama of political divisions that could slow down the disbursement, while indicating challenges in the US internal consensus, such as the approval of the White House and the Tesor.

The fate of these resources is erected as the central axis for its success. Specialists insist that help It must transcend short -term interventions and focus on a recalibration of the economic plan that raises credibility and expands the margin of maneuver. “Here the relevant is why that money is used and, in my opinion, it must serve to review and improve the economic program and thus rebuild credibility and win horizon,” argues a City consultant.