Overview

• Luis Caputo travels to Washington on Friday after U.S. Treasury chief Scott Bessent invited his team to accelerate face‑to‑face negotiations.
• Bessent reaffirmed that the U.S. offer is a swap line via the Treasury’s Exchange Stabilization Fund, with reports pointing to about US$20 billion while terms, collateral and maturities remain undecided.
• The IMF’s Julie Kozack urged faster reserve accumulation and broader political backing for reforms, noting coordination with the World Bank, the IDB and the United States.
• Political strain deepened as the Senate rejected presidential vetoes on university and Garrahan Hospital funding, a move estimated to add about 0.25% of GDP to fiscal costs.
• Market relief faded with renewed volatility as authorities tightened access to dollars via virtual wallets and continued heavy FX intervention to cap the exchange rate near 1,425 pesos, while analysts flagged Mexico’s 1995 package as a potential precedent for safeguards.