Embattled Argentine President Javier Milei is visiting the White House today, banking on a high-profile show of political and economic support from ally President Donald Trump ahead of crunch legislative elections.
With Argentina struggling to stave off yet another financial crisis and Mr Milei's disapproval ratings rising, the libertarian firebrand is seeking help from a powerful friend.
Mr Trump's administration has already promised $20bn to prop up Argentina's economy and repeatedly voiced political support for Mr Milei.
But it has not been a silver bullet to calm markets or improve Mr Milei's polling ahead of the 26 October elections.
Their results will dictate whether Mr Milei can pass tough cost-cutting reforms or face a legislative brick wall for the next two years of his term.
About half the seats in the Chamber of Deputies are up for grabs, and a third of those in the Senate.
In recent weeks, highly indebted Argentina has had to spend more than a billion US dollars to defend the peso, a strategy most economists believe is unsustainable.
That prompted Mr Milei's allies in Washington to step in with a financial bailout.
"Argentina faces a moment of acute illiquidity," said US Treasury Scott Bessent, announcing a deal that would give Argentina access to US$20bn.
"The US Treasury is prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets."
The announcement sparked a rally in Argentine bonds and stocks and helped ease pressure on the peso.
It also marked a rare instance of direct US intervention in Latin American currency markets, underscoring Washington's strategic interest in Mr Milei's success.
"The United States saw this attack on Argentina, on the ideas of freedom, on a strategic ally - and that's why they supported us," Mr Milei said in a radio interview yesterday.
"They know we are a true ally," Mr Milei said, referring to Argentina's alignment with US and Israeli interests.
During a recent meeting, Mr Trump said that Mr Milei was doing a "fantastic job".
"He, like us, inherited a mess, and what he's done to fix it is good," Mr Trump said during a meeting on the sidelines of the United Nations General Assembly. "We're backing him 100%."
In Argentina, there has been fevered speculation about what Mr Trump might want from Mr Milei in return for his support.
Before Mr Milei took power, Argentina - a major lithium producer - had been deepening ties with China.
The Argentine president's office said the leaders would discuss "multiple topics".
On Sunday, Economy Minister Luis Caputo ruled out immediate plans to dollarise the economy or alter the floating exchange rate band, amid speculation of post-election changes.
"The United States is willing to keep buying pesos," he said.
