Argentina: Boost to Milei's free-market push, his party scores big in midterm elections

Argentina’s budget-slashing leader, Javier Milei, scored a decisive win in Sunday’s midterm elections, giving fresh momentum to his austerity-driven reform programme.

According to official results with 90 per cent of ballots counted, Milei’s La Libertad Avanza (LLA) coalition secured 40.84 per cent of the vote for seats in both the Chamber of Deputies and the Senate. The result marks a strong comeback for the US-backed right-wing leader, whose government has faced resistance over sweeping budget cuts and economic reforms.

Argentina’s centre-left Peronist movement, which had recently celebrated victory in last month’s Buenos Aires provincial elections, trailed with 31.64 per cent of the vote.

“God bless Argentina,” wrote Milei’s spokesman, Manuel Adorni, on X following the early results. The elections marked the first nationwide test of Milei’s popularity since his victory two years ago, when he came to power pledging to revive Argentina’s long-troubled economy through a series of tough structural reforms.

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Half the seats in the Chamber of Deputies and one-third of the Senate were contested on Sunday. The campaign period was overshadowed by a run on the national currency, the peso, which forced Milei to seek a bailout from US President Donald Trump, one of his closest allies. Washington responded with an unprecedented $40 billion aid package, though Trump warned Argentines he would not “be generous” if Milei failed to secure a favourable result.

Reform fatigue and persistent discontent

Despite lingering frustration among voters over corruption scandals within Milei’s inner circle, many still rejected the Peronist camp, which has dominated Argentina’s post-war politics but faces widespread accusations of mismanagement and graft.

“I support Milei’s party not because I think it’s the best option, but because I’m certain about who I want out,” said Adriana Cotoneo, a 69-year-old pensioner from Buenos Aires.

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Since taking office in December 2023, the 55-year-old former TV pundit has slashed tens of thousands of public sector jobs, halted public works, and cut spending on health, education and pensions, while pursuing sweeping deregulation. His policies initially deepened poverty for millions but succeeded in reducing inflation by two-thirds, easing some pressure on households, though at the cost of slowing growth, consumption and manufacturing.

Investors began dumping the peso last month after Milei’s party suffered a heavy defeat in Buenos Aires provincial elections. Trump’s intervention, however, helped stabilise Argentina’s economic and political standing as Milei moves to solidify his reform agenda.

(With agency inputs)