The day after President Mauricio Macri’s widely televised announcement on Monday, in which he declared a fresh wave of austerity measures, he with US President Donald Trump over the phone to discuss Argentina’s the economic situation.
As was reported by the Casa Rosada, this morning’s phone call, which lasted roughly fifteen minutes, focused on Argentina’s ongoing crisis and US $50 billion loan negotiations with the IMF.
During the phone call, Trump reportedly reiterated his strong support for Argentina’s deal with the IMF, as well as the ongoing efforts on the part of the Macri administration to accelerate the payment of the loan, in the hopes that this will help build up confidence in the peso.
As the phone call took place, Argentine officials—including Finance Minister Nicolás Dujovne—were already in Washington for last minute talks with the IMF to speed up cash disbursements.
Trump also reportedly formally accepted Argentina’s invitation to participate in the November 2018 G20 summit, which will be taking place in Buenos Aires and will focus on three priorities: the future of work, infrastructure for development, and a sustainable food future.
“President Trump said he is aware of the situation in Argentina, and also accepted the invitation of President Macri to make a state visit next November, within the framework of the G20 Leaders Summit in Buenos Aires,” spokespeople for the Macri administration stated in an official comuniqué on behalf of the president.
According to the statement, the two leaders also discussed the main macroeconomic variables in Argentina’s crisis, as well as ongoing shifts in the global financial sector.
The statement also confirmed that Macri and Trump would be meeting again at the end of the month in New York during the next United Nations General Assembly, which Trump will be hosting. As the president of the organizing country of the next G20 Summit, Macri is also expected to have a prominent role in the upcoming General Assembly.
The phone call represents a new, significant wave of international political support for Macri, an important development during a week of political and economic turmoil.
Update: After the phone call, President Trump issued a statement in which he referred to his conversation with Macri and doubled down on his support for the Argentine president.
“This morning, I spoke with President of Argentina Mauricio Macri and reaffirmed the United States’ strong support for Argentina during this trying time for them.”
The official comuniqué went on to emphasize the close relationship between Argentina and the US, as well as Trump’s support for President Macri.
“Argentina is a long-time strategic partner of the United States and a major non-NATO ally,” the statement affirmed. “President Macri is doing an excellent job with this very difficult economic and financial situation.”
In the statement, Trump also added a line of support for Macri’s ongoing negotiations with the IMF, asserting: “I have confidence in President Macri’s leadership, and I strongly encourage and support his engagement with the International Monetary Fund to strengthen Argentina’s monetary and fiscal policies to tackle the country’s current economic challenges.”