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Argentine President Javier Meili won a decisive victory in midterm elections on Sunday, increasing his control over Congress and giving his government new momentum to pursue deep spending cuts and sweeping free-market reforms.
The result boosts Miley’s libertarian movement and marks another sharp turn for one of Latin America’s largest and most unstable economies.
Miley’s party, La Libertad Avanza, won about 41.5% of the vote in Buenos Aires province, a historic upset in an area long dominated by the Peronist opposition. The rival coalition received 40.8% of the vote, according to figures cited by Reuters and The Associated Press.
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Argentina’s President Javier Meili gestures while giving a speech on stage. (AP Photo/Manu Fernandez, File)
Nationwide, La Libertad Avanza increased its seats in the lower house from 37 to 64, helping Miley more easily defend his vetoes and the executive orders that have defined his economic agenda.
“The outcome is better than even the most optimistic Miley supporters expected,” Marcelo Garcia, Americas director at risk-analysis firm Horizon Engage, said in comments reported by Reuters. “With this result, Miley will be able to easily defend his decrees and vetoes in Congress.”
Political consultant Gustavo Cordoba told Reuters the results reflected cautious optimism among voters who are willing to devote more time to Miley’s economic policies.
Argentine President Javier Meili speaks during a ceremony to commemorate Holocaust and Valor Day in Buenos Aires, Argentina, on Wednesday, May 8, 2024. (AP Photo/Natacha Pisarenko)
“A lot of people were willing to give the government another chance,” Cordova said. “Victory is undeniable, undeniable.”
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Reuters reported that inflation fell from 12.8% before Miley’s inauguration to 2.1% last month. His government has also recorded a fiscal surplus and pushed through sweeping deregulation measures – a dramatic reversal after years of economic turmoil.
According to the Associated Press, after linking future US support to Miley’s performance in the midterms, the US government under President Donald Trump offered Argentina a $40 billion aid package, which included a $20 billion currency swap and a proposed $20 billion debt-investment facility.
Italian Prime Minister Giorgia Meloni and Argentine President Javier Milli share a joke as they arrive for the presidential inauguration of Donald Trump in the Rotunda of the US Capitol on January 20, 2025 in Washington DC. (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’s doing a great job! Our confidence in him has been justified by the Argentine people.”
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Investors reacted positively to the results. Reuters reported that Argentine bonds and stocks are expected to rise as Miley’s strong hand in Congress gives him the political capital to accelerate his reforms.
According to AFP via The Times of Israel, Miley called the election “a turning point for Argentina”.
