Argentina’s Milli takes to Wall Street as investors reassess emerging markets

By Rodrigo Campos

NEW YORK, March 10 (Reuters) – President Javier Meli encouraged investors in New York on Tuesday that Argentina’s economic turnaround could stay on track even as war in Iran hurts markets, saying the central bank will soon be flush with dollars.

Meli spoke to investors and executives at JPMorgan’s new headquarters in Midtown Manhattan as part of “Argentina Week,” a New York street show to convince investors that the South American country’s stabilization efforts remain a compelling investment story despite global pressure.

“We went from net energy importers to net exporters with what I think is a temporary shock to what’s happening in the world,” Milley said. “Our foreign accounts will benefit from a temporary change in business conditions.”

“Get ready, Santiago,” he added, looking at Central Bank President Santiago Basile. “You’ll have dollars coming out of your ears.”

US government support has become an important part of the national pitch for investors. President Donald Trump’s administration has publicly backed Milli ahead of Argentina’s October 2025 midterm elections and expanded financial cooperation with Buenos Aires. The liquidity facility put in place by the United States helped prevent a run on the currency ahead of the vote.

The United States and Argentina deepened economic ties in February, when they signed a mutual trade and investment agreement designed to facilitate U.S. investment, including in the key minerals sector.

Closer ties with the United States mark a shift after years as China expanded its economic influence in South America. China is one of Argentina’s biggest trading partners and a major creditor.

Oil prices have soared nearly 30% to nearly $90 a barrel this month due to the US-Israel war with Iran, while a flight to safety has strengthened the dollar and driven some investors away from emerging markets. The dollar has gained more than 4% against major currencies since late January, while an index of EM currencies surrendered its gains for the year.

Last week, Argentina’s local stock benchmark hit its lowest level since October, while dollar bond yields spread to US Treasuries widened in line with the global benchmark.

“A geopolitically turbulent world favors the investment case for Argentina, as it forces countries to focus on food, energy and technological security, all areas where Argentina can contribute,” said Alejo Cizeranco, chief investment officer for Americas emerging markets at UBS Global Wealth Management.

“Meanwhile, a period of intense conflict like the one we’re currently experiencing with Iran doesn’t help almost any emerging market, as it faces severe risk on the back of inflationary concerns.”

Restoration of economic stability

Argentina’s government says spending cuts, deregulation and fiscal tightening are starting to restore macroeconomic stability after years of deficits, a currency crisis and high inflation.

Investors have cautiously welcomed the adjustment and recent reforms, including the job overhaul passed by Congress that marks a major legislative victory for Milli.

Still, Argentina must rebuild foreign exchange reserves, attract long-term investment and regain reliable access to international capital markets after years of default and capital controls — some of which remain in place.

Officials hope Argentina Week, which will be hosted by Economy Minister Luis Caputo and Deregulation Minister Federico Sturzeniger among others, will show that reforms are translating into investment opportunities, particularly in the energy, mining, agriculture and technology sectors.

For Meli, the challenge is convincing investors that Argentina’s reforms are worth paying attention to even during the flight to safety.

“They are simply reiterating investment opportunities in Argentina and sending a message of macroeconomic and political stability,” Armando Armenta, a senior economist and strategist at Allens Bernstein, said of the road show. “It’s good that they are doing this because Argentina has been overlooked for a long time.”

(Reporting by Rodrigo Campos in New York; Additional reporting by Nicolas Mesculin and Ileana Raszowski in Buenos Aires and Sarah Moreland in Mexico City; Editing by Will Dunham and Susan Fenton)