Argentina's President Milei Vows to Press on with Reforms After Midterm Election Win

Strategic Insights -

President Javier Milei's party, La Libertad Avanza, has made significant gains in the midterm elections, winning over 40% of the votes cast for Argentina's Chamber of Deputies, the lower house of congress. With a turnout of 67.9%, the lowest in a national election in over 40 years, Milei's party has secured a strong mandate to press on with its economic reforms. The elections were seen as a test of Milei's support, and the results will likely strengthen his hand as he moves ahead with his campaign to downsize the state and deregulate the economy.

Key Takeaways:

  • La Libertad Avanza won more than 40% of the votes cast for Argentina's Chamber of Deputies, securing a significant majority in the lower house of congress.
  • The party also took six of the eight provinces that voted for the Senate on Sunday, giving them a strong presence in the upper house.
  • President Javier Milei has vowed to press on with his economic reforms, including downsizing the state and deregulating the economy.
  • Milei's administration has cut tens of thousands of public sector jobs, frozen public works, cut spending on health, education, and pensions, and led a major deregulation drive since taking office in December 2023.
  • The elections were the first national test of Milei's support since he won office two years ago on a promise to revive the long-ailing Argentine economy through a series of painful reforms.
  • The US promised an unprecedented $40 billion package of aid to Argentina, but the assistance came with a warning from US President Donald Trump that he would not "be generous" if Sunday's election did not go Milei's way.
  • Manuel Adorni, Milei's spokesperson, reacted to the results with a simple "God bless Argentina" written on social media platform X.

Statistics:

  • 97% of votes counted in the midterm elections, with La Libertad Avanza securing over 40% of the votes cast for the Chamber of Deputies.
  • 67.9% turnout in the national election, the lowest in over 40 years.
  • 101 seats won by La Libertad Avanza in the 257-seat Chamber of Deputies, up from 37 seats.
  • 14 additional seats won by La Libertad Avanza in the 72-seat Senate, resulting in 20 senators.
  • 31% of the vote secured by the center-left Peronist opposition.

Sources:

  • [1] La Libertad Avanza secures 'turning point' for Argentina as they take majority of Chamber of Deputies seats (local media tallies, based on 97% of votes counted)
  • [2] Argentina's President Milei wins majority of Senate seats for La Libertad Avanza (electoral authorities, based on 97% of votes counted)
  • [3] Milei celebrates 'turning point' for Argentina as his party wins big in midterm elections (President Javier Milei's statement at a victory party)