Argentine President Javier Milei won a decisive victory in midterm elections on Sunday, expanding his control over Congress and giving his government new momentum to press ahead with deep austerity and sweeping free market reforms.
The result gives a boost to Milei’s libertarian movement and marks another sharp turn for one of Latin America’s largest and most volatile economies.
Milei’s party, La Libertad Avanza, won about 41.5% of the vote in Buenos Aires province, a historic upheaval in a region long dominated by the Peronist opposition. The rival coalition won 40.8%, according to figures cited by Reuters and The Associated Press.
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Argentine President Javier Milei gestures as he delivers a speech on stage. (AP Photo/Manu Fernandez, File)
Nationally, La Libertad Avanza increased its seats in the lower house from 37 to 64, making it easier for Milei to defend the vetoes and executive decrees that have defined his economic agenda.
“The result is better than even the most optimistic Milei supporters had hoped for,” Marcelo Garcia, Americas director at risk analysis firm Horizon Engage, said in a Reuters commentary. “With this result, Milei will easily be able to defend his decrees and vetoes in Congress.”
Political adviser Gustavo Cordoba told Reuters the outcome reflected cautious optimism among voters, who appear willing to give Milei’s economic policies more time.
Argentine President Javier Milei speaks during a ceremony commemorating Holocaust and Heroism Day, in Buenos Aires, Argentina, Wednesday, May 8, 2024. (AP Photo/Natacha Pisarenko)
“Many people were willing to give the government another chance,” Cordoba said. “The triumph is indisputable, indisputable.”
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Reuters reported that inflation fell from 12.8% before Milei’s inauguration to 2.1% last month. His government has also run a budget surplus and implemented broad deregulation measures – a dramatic turnaround after years of economic turbulence.
According to The Associated Press, the U.S. government under President Donald Trump has offered Argentina a $40 billion aid package, including a $20 billion currency swap and a proposed $20 billion debt investment facility, after tying future U.S. aid to Milei’s performance in the interim.
Italian Prime Minister Giorgia Meloni and Argentine President Javier Milei share a joke as they arrive for Donald Trump’s presidential inauguration at the Rotunda of the U.S. Capitol in Washington, DC, on January 20, 2025. (Evelyn Hockstein/Reuters)
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Investors responded positively to the results. Reuters reported that Argentine bonds and stocks are expected to rise as Milei’s stronger hand in Congress gives him the political capital to accelerate his reforms
Milei called the elections “a turning point for Argentina,” according to AFP via the Times of Israel.
