US Treasury Secretary Scott Bessent announced on Thursday that the United States has prepared an economic support program for Argentina worth $20 billion.

This support comes as right-wing Argentine President Javier Milei, a close ally of US President Donald Trump, faces turmoil in the financial market after his defeat in the Buenos Aires provincial elections, seen as an indicator for the upcoming midterm elections.

Bessent wrote on social media, “Argentina is facing a period of severe liquidity shortage,” noting that Washington is well-positioned to act quickly.

He added, “To this end, we purchased Argentine pesos directly today,” continuing, “Additionally, we completed a $20 billion currency swap framework with the Argentine Central Bank.”

Bessent affirmed that the US Treasury Department is “ready, immediately, to take any extraordinary measures necessary to ensure market stability.”

Milei thanked Trump for his “vision and wise leadership” after Washington announced this support plan, saying in a post addressed to Trump and Bessent, “Together, as closest allies, we will build a world of economic freedom and prosperity.”

Bessent’s announcement came after four days of meetings with Argentine Economy Minister Luis Caputo in Washington.

Bessent announced that Trump will meet Milei on October 14.

The minister himself plans to meet Caputo again next week on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Washington.