In Argentina’s mid‑term elections on October 28, Javier Milei’s faction captured about 41% of the vote, increasing its seats to 101 in the lower house and 20 in the senate.
Mid‑term Results
Argentinian mid‑term elections on Sunday, October 28 elected half of the Chamber of Deputies and a third of the Senate. The governing coalition, Freedom Progress, won roughly 41% of the vote, while the opposition left‑wing alliance Patriotic Force obtained about 25%. Preliminary results give Milei’s party 64 seats in the Chamber and 12 in the Senate, three times its previous count, for a total of 101 legislative seats and 20 senate seats.
Milei’s Economic Agenda
During an evening rally, Milei warned that the elections were a pivotal turning point for Argentina. He vowed to maintain the “chain‑saw cuts” policy begun in December 2023, aimed at slashing public expenditure to lift the country out of the economic crisis that has driven three‑digit inflation.
Challenges Ahead
Milei struggled with a weak Argentine peso and a rebound in inflation. Despite allocating all U.S. dollar reserves from the central bank to stabilise the currency, his efforts were insufficient. Inflation began rising again month‑on‑month during his tenure.
US Support and Trump’s Endorsement
The United States offered a rescue package valued at up to $40 billion, including a $20 billion currency swap formally agreed before the election and an additional $20 billion in sovereign debt investment. President Donald Trump, who endorsed Milei’s campaign, threatened to withdraw aid if the opposition won, stating, “If they lose, we will not be generous to Argentina.” Trump congratulated Milei on the victory, calling it a “blowing advantage.”
