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Argentine President Javier Milei won a decisive victory Sunday in midterm elections, expanding his control of Congress and giving his government new impetus to press ahead with deep spending cuts 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 setback 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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The president of Argentina, Javier Milei, gestures while giving a speech on stage. (AP Photo/Manu Fernández, File)
At the national level, 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 Milei's most optimistic supporters expected,” said Marcelo García, Americas director at risk analysis firm Horizon Engage, in comments reported by Reuters. “With this result, Milei will be able to easily defend his decrees and vetoes in Congress.”
Political consultant Gustavo Córdoba told Reuters the result reflected cautious optimism among voters who appear willing to give Milei's economic policies more time.
Argentine 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,” Córdoba 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 also ran a fiscal surplus and pushed for sweeping deregulation measures, a dramatic reversal after years of economic turmoil.
According to The Associated Press, President Donald Trump's U.S. administration 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 midterm elections.
Italian Prime Minister Giorgia Meloni and Argentine President Javier Milei share a joke as they arrive at Donald Trump's presidential inauguration in the rotunda of the United States Capitol in Washington, DC, on January 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 rebound 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.
