Milei wins decisive Argentina midterm election victory against opposition
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Argentinian President Javier Milei won a decisive victory in midterm elections on Sunday, extending his control over Congress and giving his government new impetus to move forward with deep spending cuts and sweeping free-market reforms.
The result adds momentum to Milei’s libertarian movement and marks another sharp turnaround for one of Latin America’s largest and most unstable economies.
Milei’s party, La Libertad Avanza, won about 41.5% of the vote in Buenos Aires province; This is a historic upset in a region long dominated by the Peronist opposition. The rival coalition won 40.8% of the vote, according to figures cited by Reuters and the Associated Press.
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Argentinian President Javier Milei gestures while giving a speech on stage. (AP Photo/Manu Fernandez, File)
Nationwide, La Libertad Avanza increased its number of seats in the lower house from 37 to 64, putting it in a position to more easily defend Milei’s vetoes and executive decrees that set his economic agenda.
“The outcome is better than even the most optimistic Milei supporters had hoped for,” Marcelo Garcia, Americas director for 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 result reflected cautious optimism among voters who appeared willing to give more time to Milei’s economic policies.
Argentinian President Javier Milei speaks at a ceremony commemorating the 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. “Victory is indisputable, indisputable.”
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Reuters reported that inflation fell to 2.1% last month from 12.8% before Milei’s opening. His government also ran a fiscal surplus and introduced large-scale deregulation measures; a dramatic reversal after years of economic turbulence.
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. support to Milei’s performance in the midterms, according to the Associated Press.
Italian Prime Minister Giorgia Meloni and Argentinian President Javier Milei share a joke as they arrive for Donald Trump’s Presidential Inauguration ceremony in the U.S. Capitol Rotunda on January 20, 2025 in Washington, DC. (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 strong 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.
