Milei Publicly Backs Caputo, Dismisses Replacement Rumours and Touts a $125 Billion Buffer Before IMF Talks
BUENOS AIRES - President Javier Milei used a radio interview on October 12 to publicly ratify Economy Minister Luis Caputo, dismissing rumours of his replacement as baseless. Caputo himself denied any intention to resign. The speculation had been fed in part by economist Alberto Ades - who has urged a higher exchange rate and criticised government communication - appearing at a recent cabinet meeting while Caputo was absent.
Milei said the government has a $125 billion coverage package to deter election-year financial runs, made up of central bank purchases, international currency swaps, dollar-futures positions, expected trade inflows and refinancing deals, adding that some $25 billion in near-term maturities are already covered. Reporters noted the $125 billion aggregates different instruments and projected flows and does not equal immediately available liquid reserves.
The timing matters: Caputo is travelling to Bangkok for the IMF annual meetings to advance the third review of Argentina's program and a linked disbursement of about $900 million. An IMF technical mission visited Buenos Aires from September 21 to 29, and the Fund has said talks will continue in the coming weeks toward a staff-level agreement, crediting Argentina with significant progress in restoring macroeconomic stability while urging broader-based growth.
Divisions persist inside the coalition, with several senior figures privately pressing for policy adjustments to revive lagging sectors. Milei's public show of unity aims to steady markets and his team before the negotiations, but the IMF review and coalition decisions will determine how much liquid cover Argentina can actually deploy in the 2027 election year.
Sources: Compiled from Particle News and Latin News reporting of October 12, 2026, and Reuters' October 1 report on the IMF review talks.
Source: GSM · USA (original Chinese edition)
Photo: 图：阿根廷经济部长路易斯·卡普托在公开活动上发言。摄影：阿根廷政府（argentina.gob.ar），CC BY 4.0，来源：Wikimedia Commons
