BUENOS AIRES, Argentina, Dec 4, 2025 (BSS/AFP) - Argentina is negotiating with banks for a loan of up to $7 billion, Economy Minister Luis Caputo said Wednesday, amid dwindling international reserves and debt maturing in January.

"The banks have offered us $6 billion, $7 billion... and we are seeing how much we will accept. Whether it's zero, $1 billion, $2 billion, $3 billion, $4 billion, we'll see," Caputo said at a forum in Buenos Aires, streamed on YouTube.

"We want to ensure that the January coupon payments don't lower the level of reserves," Caputo said. According to local press reports, the debt maturities are estimated to be around $4.2 billion.

Since April, Argentina has had a $20 billion program with the International Monetary Fund. The Washington-based fund has asked the government for "additional efforts" in accumulating reserves, which as of December 3 stood at $41.9 billion, according to the central bank.

Caputo denied that Argentina was negotiating a $20-billion loan with private banks and the amount had later been reduced to $5 billion.

"There is no possibility that banks will lend Argentina $20 billion. It was a lie," he said.

In October, US Treasury Secretary Scott Bessent had mooted the idea of a $20-billion loan after the two countries signed a separate US financing agreement for Argentina for the same amount.

"We weren't talking to banks to get a $20-billion loan, we were talking to the United States ... and two other countries," Caputo said, clarifying that this is what Bessent had been referring to.

Caputo did not specify which other two countries he was referring to.