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

The aid comes as Argentine President Javier Milei faces financial market turmoil following his defeat in the Buenos Aires provincial elections, seen as a potential indicator for the upcoming midterm elections.

Besent wrote on social media: “Argentina is facing a period of severe liquidity shortages,” noting that Washington is well-positioned to act quickly. He added, “To this end, we purchased Argentine pesos directly today,” and further explained, “In addition, we have completed a $20 billion currency swap framework with the Central Bank of Argentina.”