Globalization
The Exchange Stabilization Fund: Past Use During COVID and Potential Applications for Argentina
During the COVID-19 crisis, the U.S. Treasury used the Exchange Stabilization Fund (ESF) to backstop Federal Reserve lending programs. In October 2025, it was proposed to use it to help Argentina, with a $20 billion bailout, which generated controversy. The ESF has a balance of $43.4 billion.
October 6, 2025