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Argentine President Javier Miley won a decisive victory on Sunday in midterm electionsexpanding his control of Congress and giving his government new impetus to move forward through deep spending cuts and sweeping free-market reforms.
The result gives a boost to Milea's libertarian movement and marks another sharp turnaround for one of Latin America's largest and most volatile economies.
Milei's party, La Libertad Avanza, received about 41.5% of the vote in the election. Province of Buenos AiresIt is a historic upheaval in a region long dominated by the Peronist opposition. The rival coalition received 40.8%, according to Reuters and the Associated Press.
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Argentine President Javier Miley gestures while speaking on stage. (AP Photo/Manu Fernandez, File)
Across the country, the La Libertad Avanza party increased its number of seats in parliament. Lower Chamber from 37 to 64, giving Miley the ability to more easily defend his vetoes and presidential decrees that set his economic agenda.
“The result was better than even Milea’s most optimistic supporters had hoped,” Marcelo Garcia, director of US risk analysis firm Horizon Engage, said in comments reported by Reuters. “With this result, Miley will be able to easily defend his executive orders and vetoes in Congress.”
Political consultant Gustavo Cordoba told Reuters the results reflected cautious optimism among voters who appeared ready to give Milea credit. economic policy more time.
Argentine President Javier Miley speaks at a ceremony marking Holocaust and Heroism Day in Buenos Aires, Argentina, Wednesday, May 8, 2024. (AP Photo/Natasha Pisarenko)
“A lot of people were willing to give the government another chance,” Cordova said. “The triumph is undeniable, undeniable.”
This was reported by Reuters inflation fell from 12.8% before Miley's inauguration up 2.1% last month. His government also posted a budget surplus and carried out sweeping deregulatory measures – a dramatic turnaround after years of economic turbulence.
According to the Associated Press, the US government under the leadership of 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 it tied future US support to Milea's mid-term performance.
Italian Prime Minister Giorgia Meloni and Argentine President Javier Miley joke as they arrive for the inauguration of President Donald Trump in the US Capitol Rotunda in Washington, DC, January 20, 2025. (Evelyn Hockstein/Reuters)
President Donald Trump congratulated Miley on Truth Social on Sunday night, writing: “Congratulations to President Javier Miley on his landslide victory in Argentina. He does a wonderful job! Our trust in him was justified by the people of Argentina.”
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Investors reacted positively to the results. Reuters reported that Argentine bonds and stocks are expected to rise as Milea's stronger hand in Congress gives him political capital to speed up his reforms
Miley called the elections “a turning point for Argentina,” AFP reported via the Times of Israel.
