BUENOS AIRES, Oct 26 – Argentine President Javier Milei’s ruling coalition secured a commanding victory in the country’s midterm legislative elections, solidifying public backing for his sweeping libertarian reforms. The results give Milei a stronger hand to continue his ambitious economic overhaul, despite growing unease among citizens affected by deep austerity cuts.
Milei’s administration, which has faced months of public frustration over subsidy reductions and spending freezes, now enjoys a renewed political mandate. His victory comes at a time when inflation has slowed dramatically, restoring some confidence among voters who feared a return to the chronic crises that have long haunted Argentina’s economy.
U.S. President Donald Trump, a vocal supporter of Milei’s libertarian policies, hailed the outcome as a “landslide victory.” In a post on Truth Social, Trump congratulated Milei, saying that Argentina’s people had “justified” the confidence placed in their leader.
Economic Mandate Strengthened
The results mark a significant rebound for Milei, whose approval ratings had declined in recent weeks amid criticism of his austerity program. Analysts say the win reflects the electorate’s preference for economic stability, even at the cost of hardship.
“Argentines made clear that they do not want to revert to failed economic models,” Milei declared in his victory speech to an enthusiastic crowd in Buenos Aires. Supporters chanted his name as he promised to deepen reforms aimed at fiscal discipline and deregulation.
Gustavo Cordoba, a political analyst and director of a leading Argentine polling firm, described the results as “unquestionable” and “beyond expectation.” He noted that many citizens voted with caution, remembering the turmoil of past economic collapses. “People were willing to give the government another opportunity,” Cordoba said. “But how long that goodwill lasts depends on whether Milei can sustain improvements in real wages and job creation.”
Preliminary counts show that Milei’s party, La Libertad Avanza, secured enough representation in the Chamber of Deputies to block any attempt to override presidential vetoes. This gives the administration greater freedom to pursue its legislative agenda, including further cuts in government spending and the expansion of private-sector incentives.
Political consultant Marcelo Garcia observed that the outcome exceeded even optimistic projections. “Milei now has the political capital to protect his decrees and push forward new reforms,” he said. “This result also strengthens his position in negotiations with coalition partners.”
Milei’s post-election remarks hinted at a more cooperative tone. He said he was open to “basic agreements” with members of other parties to advance shared goals, signaling a potential shift from his earlier combative stance toward Congress.
Inflation Falls, Markets Eye Next Moves
Under Milei’s leadership, Argentina’s inflation rate has dropped sharply—from 12.8% before his inauguration to 2.1% last month. This improvement, coupled with a rare fiscal surplus, has impressed foreign investors and financial institutions that were once skeptical of the administration’s aggressive policies.
International support for Argentina’s recovery has also been tied to Milei’s economic stewardship. The U.S. government previously extended a major bailout package worth around $40 billion, including a $20 billion currency swap and a proposed $20 billion debt facility to stabilize Argentina’s reserves. U.S. Treasury Secretary Scott Bessent congratulated Milei in a social media post, encouraging continued progress toward “economic freedom” that could attract more private investment and job creation.
Domestically, the political implications are equally significant. In Buenos Aires province—a traditional Peronist stronghold—La Libertad Avanza won 41.5% of the vote, edging out the Peronist coalition at 40.8%. This reversal represents one of the biggest shifts in Argentine politics in recent years and showcases Milei’s growing appeal beyond his libertarian base.
Nationwide, Milei’s movement expanded its presence in the House of Deputies to 64 seats, up from 37 previously. The election contested half of the 127 lower-house seats and one-third of the Senate’s 24 seats. While the Peronist bloc remains the largest minority, Milei’s strengthened showing will allow him to advance his reform agenda with greater ease.
Political scientist Maria Laura Tagina noted that voter turnout—at roughly 68%—was the lowest in over a decade. She suggested that dissatisfaction with austerity and corruption scandals likely discouraged participation among some voters, indirectly benefiting Milei’s base of committed supporters. “Those most disillusioned may have stayed home, while Milei’s followers showed up in force,” Tagina said.
Milei has hinted that a post-election cabinet reshuffle is imminent, possibly involving figures from the centrist PRO party led by former President Mauricio Macri. Such alliances could further consolidate his power in Congress and smooth the passage of controversial economic measures.
Economists expect markets to respond positively when they reopen on Monday. Bonds and stocks are projected to rally as investors anticipate accelerated reforms and stronger fiscal discipline. However, some analysts warn of a potential devaluation of the peso, which they believe remains artificially high despite government efforts to curb inflation.