Buenos Aires, Reuters Argentine President Javier Milei has secured a majority in the country’s midterm elections, according to preliminary results released on Monday, marking a major victory for his pro–free-market and austerity-driven economic agenda.
The report states that voters overwhelmingly endorsed Milei’s libertarian reforms, giving fresh momentum to his ambitious plan for economic transformation.
Milei’s party, La Libertad Avanza, received 41.5% of the vote in Buenos Aires Province, narrowly ahead of the powerful Peronist alliance, which obtained 40.8%. Analysts say the result signals a profound political shift in Argentina’s landscape.
Nationally, the party won 64 seats in the lower house of parliament, up from 37 previously. Milei, who campaigned with continued backing from former U.S. President Donald Trump, has enjoyed strong ties with Washington. The Trump administration recently provided a major financial assistance package to Argentina, though it had warned that poor electoral performance by Milei’s party could jeopardize future support.
According to Reuters, both the White House and foreign investors have expressed satisfaction with Milei’s early economic performance. Under his leadership, monthly inflation has fallen from 12.8% to 2.1%, the budget has moved into surplus, and sweeping market liberalization measures have been enacted.
However, public discontent has surfaced over sharp spending cuts and a corruption scandal involving Milei’s sister, Bon Bonica Milei.
Analysts suggest that with over 35% of the vote, Milei can now overcome most legislative obstacles to his reform program. Following the election, Milei hinted at a major cabinet reshuffle, potentially bringing in members of the centrist PRO party.
Markets reacted positively to the result, with expectations that Argentine bonds and stock prices will rise. The $40 billion financial package from the Trump administration—split between a $20 billion currency-swap deal and $20 billion in investment loans—may also be expanded.
While economists predict stronger political and economic leverage for Milei, some warn that the peso could face devaluation pressure, as its value remains artificially high to curb inflation.
Source: Reuters, Anadolu Agency