Argentina’s central bank and the US Treasury have signed a currency swap line for $20 billion, a key vote of confidence for President Javier Milei ahead of a crucial midterm election on Sunday.

The deal, announced by the Argentine monetary authority on Monday, is meant to preserve price stability and promote sustainable economic growth in the crisis-prone nation. The agreement establishes terms and conditions for the bilateral swap arrangement and will strengthen the liquidity of Argentina’s international reserves.

Argentina’s dollar bonds jumped after the statement was released, with notes maturing in 2035 reaching a high for the day to trade 0.6 cent higher, at around 56 cents on the dollar, according to indicative pricing data compiled by Bloomberg.

Last week, Milei met with Presiden

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