Following a meeting with Javier Milei, the head of the organization stated that the World Bank is "working closely" with the Libertarian president and his team "to support his ambitious reform agenda."

World Bank Group President Ajay Banga said Wednesday that the bank is working on a support package for the economic reforms pushed by ultra-liberal President Javier Milei to get Argentina's economy back on track.

Milei, who assumed the presidency in December 2023, seeks to defeat the scourge of inflation through sharp spending cuts and balancing public accounts.

Following a meeting with the Argentine president, the head of the organization stated that the World Bank is "working closely with President Milei and his team to support his ambitious reform agenda."

"As a short-term demonstration of that commitment, we are preparing a significant support package that marshals the full strength of the World Bank Group to support reforms, attract private investment, and lay the groundwork for job creation," he emphasized.

Argentina is currently negotiating a new $20 billion loan agreement with the International Monetary Fund (IMF) to bolster the central bank's (BCRA) scarce reserves.

Banga emphasized that the World Bank will provide a substantial support package to be disbursed over the next three years and will bring together the full force of the World Bank Group, which includes the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).