A discussion, under deaf of that yes, seems to emerge between the International Monetary Fund (IMF) and the economic team of the Argentine government. The third in discord, attention is the Secretary of the United States Treasury Scott Besent. The reason? Nothing less than the goal of reserves that the Government committed to the IMF.
The economic team, led by the Minister of Economy, Luis Caputothe president of the Central Bank, Santiago Bausiliand the Deputy Minister of Economy, José Luis Dazahas consolidated a strategic relationship with the powerful secretary Besent. This alliance, strengthened by the friendship of long data, has allowed the government of Javier Milei to reinforce international reserves and advance negotiations with the IMF. However, as he could know Scope, The IMF itself would have caught Caputo’s attention From his statements made in Washington, a group of investors, when “He was not worried”since it estimated that those dollars They were going to contribute international organizations of credit, such as IDB and the World Bank.
This nuance, which had already been anticipated by Scopewas objected by the IMF, which understands that the reserves goal is due to the requirement of Buy those dollars by the BCRA and not finance them. At the same time, if access to additional financing is completed to comply with that goal, the IMF would require the government The presentation of a “waiver” or forgive.
Waiver, dollars and the usufruct of an old friendship relationship
As stated, the third in discord is Scott Besent who, although he would endorse the IMF’s request, seem to support any slip of the economic team with support. Hence a disturbing hypothesis: Caputo could be taking advantage of this trust relationship with Besent To make compliance with the reserves goals agreed with the IMF, with the aim of maintaining the stable exchange rate to the legislative elections of 2025, prioritizing political stability on international commitments. In a context of global commercial tensions and internal economic transformations, this strategy raises questions about the balance between the economic objectives and the electoral ambitions of the ruling party.
The connection between Caputo, Bausili, Daza and Besent is not recent. Besent, an experienced investor with a trajectory in funds such as Soros Fund Management and Key Square Group, maintains historical links with the Argentine economic team. In particular, His relationship with José Luis Daza dates back to his role as an investor in Qfr Capital ManagementHedge Fund founded by Daza in 2007 with Demian Reidel, current advisor to Milei. This familiarity has facilitated a fluid dialogue, as evidenced in Besent’s lightning visit to Buenos Aires on April 14, where he met with Caputo, Bausili and President Milei.
A few years ago, Qfr Capital Management, based in New York, became a crucial meeting point for Daza and Besent trajectories. Founded with an approach to emerging markets and macroeconomic strategies, QFR attracted the attention of high profile investors, including Besent, who shared with Daza a pragmatic vision of opportunities in Latin America. During his time in QFR, Daza developed quantitative models that anticipated movements in sovereign debt markets, an expertise who today applies in the negotiation strategy with the IMF and private creditors. Besent, on the other hand, contributed his experience in the management of large portfolios and his network of contacts on Wall Street, which strengthened the reputation of QFR as a relevant actor in the financial world.
The collaboration in QFR not only consolidated a professional relationship, but also generated mutual confidence that transcends current positions. Sources close to the economic team point out that the discussions between Daza and Besent in recent months have included issues such as the restructuring of Argentine debt and the liberalization of the capital market, issues in which QFR had an innovative approach. This shared experience has allowed the Argentine economic team to present proposals aligned with the expectations of the American treasure, facilitating Besent’s support in international forums.
Besent’s path to American treasure
The designation of Scott Besent as secretary of the United States Treasury, announced by President -elect Donald Trump on November 22, 2024, was not a simple process. Besent, 62, He emerged as a candidate After an intense competition between Wall Street figures, including the CEO of Cantor Fitzgerald, Howard Lutnick, and investor John Paulson. His nomination culminated a process marked by deliberations in Trump’s intimate circle, where Besent stood out for his financial experience, his early support for Trump’s campaign in 2024 and his ability to project an economic vision aligned with the motto “America First”. According to Reuters, Besent spent days at Mar-a-Lago advising Trump, a closeness that was decisive for his selection.
Besent, who donated at least US $ 3 million to the Trump campaignhe gained the confidence of the president -elect for his career in Soros Fund Management, where he led historical bets such as the devaluation of the Libra in 1992, and for his defense of policies such as deregulation and selective tariffs. Despite the criticisms of some Trump allies, such as Elon Musk, who described him as a “conventional option” in X, Besent achieved the support of key figures from the financial establishment, including Larry Fink of Blackrock. His confirmation by the Senate on January 27, 2025, with a vote of 68-29, made him the 79th Secretary of the Treasury and the first openly gay official to occupy this position, a historical milestone.
An explicit support for the economic plan
During his visit to Buenos Aires, Besent expressed an explicit support for the “triple adjustment” implemented by the government: fiscal, monetary and exchange. The visit coincided with the debut of a new exchange scheme without restrictions (CEPO) and the approval of an agreement with the IMF for US $20,000 million, of which US $ 12,000 million are free availability to reinforce the reserves of the Central Bank. This support was not merely rhetorical: Besent highlighted the “bold leadership” of Milei and praised Caputo for his role in macroeconomic stabilization, according to official American treasure communications. Now we will have to see how far the US treasure support comes. Can future discussion unlock for reservations?
Source: Ambito
