Bessent hosts Caputo in Washington as Argentina-US rescue talks begin

The United States and Argentina have opened high-stakes financial talks in Washington, with Economy Minister Luis Caputo seeking a lifeline for President Javier Milei’s government ahead of the October 26 elections.

US Treasury chief Scott Bessen confirmed the start of negotiations with a photo and message on X, saying he was “pleased to welcome @LuisCaputoAR and the Argentine delegation.” 

He said the two sides would “continue our productive discussions on the several options the Treasury has at the ready to support Argentina’s strong policies.”

The post was the first official acknowledgement of the talks, which local media outlets said were technical in nature. They focused on a potential “salvage” package or credit mechanism backed by the US Treasury.

Caputo, joined by key aides Pablo Quirno, José Luis Daza and Central Bank Governor Santiago Bausili, arrived in Washington with Argentina seized by currency turbulence and market volatility.

Perfil reported Monday that Bessent and Caputo discussed timing, terms and conditionalities for a possible facility to reinforce Argentina’s funding programmes with the International Monetary Fund.

Officials from both sides described the meeting as “constructive,” though no figures or commitments were disclosed.

Further meetings with Treasury and IMF officials are expected this week. 

Caputo met with IMF Managing Director Kristalina Georgieva on Monday.

In a post on social media, Georgieva said she had an “excellent discussion” with the economy chief addressing Argentina’s “outlook and reform efforts.”

“We work hand-in-hand with Argentina, the US Treasury and other partners in support of macroeconomic stability and growth,” she added.

In total, Argentina – the IMF’s biggest debtor – owes the Fund about US$55 billion over multiple programmes since 2018 as repeated bailouts have failed to stabilise the nation’s economy.

– TIMES/NA/PERFIL