Overview
- The Treasury established the swap in October 2025 through the Exchange Stabilization Fund, and key terms including duration were not fully disclosed.
- By late October, Argentina had drawn more than $2.5 billion from the line, and the Treasury provided an additional $872 million through IMF-linked operations.
- The CRS warns that scarce foreign currency could force choices such as greater exchange-rate flexibility or another debt default.
- Members of Congress question taxpayer risk, potential harm to U.S. exporters competing with Argentine goods, and whether the support could influence elections or benefit private investors.
- The report says Congress can expand, restrict, or require more oversight of the facility, and it flags uncertain IMF willingness to add exposure while noting the Trump–Milei alignment and U.S. aims to counter China.