Milei scores decisive victory in Argentina’s midterm elections against opposition

Argentine President Javier Milei won a decisive victory in midterm elections on Sunday, expanding his control over Congress and giving his government new momentum to move forward with deep spending cuts and sweeping free-market reforms.

The result gives a boost to Milei’s libertarian movement and marks a new watershed for one of Latin America’s largest and most volatile economies.

Milei’s party, La Libertad Avanza, won about 41.5 percent of the vote in Buenos Aires province, a historic upset in a region long dominated by the Peronist opposition. The rival coalition received 40.8%, according to figures cited by Reuters and the Associated Press.

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Argentine President Javier Milei gestures as he delivers a speech on stage. (AP Photo/Manu Fernandez, file)

Nationally, La Libertad Avanza increased its number of seats in the lower house from 37 to 64, making it easier for Milei to defend his vetoes and the executive decrees that defined his economic agenda.

“The result is better than even Milei’s most optimistic supporters hoped for,” Marcelo Garcia, Americas director at risk analytics firm Horizon Engage, said in comments reported by Reuters. “With this result, Milei will be able to easily defend his executive orders and vetoes in Congress.”

Political consultant Gustavo Cordoba 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 Holocaust and Heroism Day commemoration ceremony, in Buenos Aires, Argentina, Wednesday, May 8, 2024. (AP Photo/Natacha Pisarenko)

“A lot of people were willing to give the government another chance,” Cordoba said. “The triumph is undeniable, undeniable.”

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Reuters reported that inflation fell from 12.8% before Milei’s inauguration to 2.1% last month. His government also ran a budget surplus and imposed 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 midterm performance.

Italian Prime Minister Giorgia Meloni and Argentine 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, DC, 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 election a “turning point for Argentina,” according to AFP via the Times of Israel.