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Argentine President Javier Milei secured a decisive victory Sunday in midterm elections, expanding his control of Congress and giving his government fresh momentum to push forward with deep spending cuts and sweeping free-market reforms.
The result gives Milei’s libertarian movement a boost 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 upset in a region long dominated by the Peronist opposition. The rival coalition took 40.8%, according to figures cited by Reuters and The Associated Press.
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Argentina’s president Javier Milei gestures as he delivers a speech on stage. (AP Photo/Manu Fernandez, File)
Nationwide, La Libertad Avanza increased its seats in the lower house from 37 to 64, positioning Milei to more easily defend his vetoes and executive decrees that have defined his economic agenda.
“The result is better than even the most optimistic Milei supporters were hoping for,” Marcelo Garcia, Americas director at the risk-analysis firm Horizon Engage, said in comments reported by Reuters. “With this result, Milei will be able to easily defend his decrees and vetoes in Congress.”
Political consultant Gustavo Cordoba told Reuters the outcome reflected a cautious optimism among voters who appear willing to give Milei’s economic policies more time.
Argentina President Javier Milei speaks during a ceremony to commemorate 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 unobjectionable, unquestionable.”
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Reuters reported that inflation has fallen from 12.8% before Milei’s inauguration to 2.1% last month. His government has also posted a fiscal surplus and pushed through broad deregulation measures — a dramatic reversal after years of economic turbulence.
According to The Associated Press, the U.S. government under President Donald Trump 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. support to Milei’s performance in the midterms.
Italian Prime Minister Giorgia Meloni and Argentina’s President Javier Milei share a joke as they arrive for the Presidential Inauguration of Donald Trump at the Rotunda of the U.S. Capitol in Washington, D.C., on Jan. 20, 2025. (Evelyn Hockstein/Reuters)
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Investors reacted positively to the results. Reuters reported that Argentine bonds and stocks are expected to rally as Milei’s stronger hand in Congress gives him the political capital to accelerate his reforms
Milei called the election “a turning point for Argentina,” according to AFP via the Times of Israel.