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Argentina’s President Javier Milei’s libertarian party has won a big victory in national legislative elections, according to partial official results, giving his free-market reform drive fresh impetus after a financial market crisis threatened to derail it.
Milei’s La Libertad Avanza party garnered 40.8 per cent against 31.7 per cent for the Peronist opposition alliance with 91 per cent counted, according to tallies by local media using provincial figures from the electoral commission. Turnout in Sunday’s election was 68 per cent, compared with 71.8 per cent in the previous midterm legislative election in 2021.
The result should help Milei push ahead with his radical overhaul of Argentina’s long-troubled economy, which had faltered after a series of mis-steps by his government. Investor jitters about faltering support for Milei’s reforms triggered a run on the peso last month.
It is likely to please President Donald Trump, Milei’s most important ally, who came to his rescue this month with a bailout package but suggested that continued backing depended on the election result.
US Treasury Secretary Scott Bessent has promised up to $40bn of support for Argentina and has so far spent roughly $2bn propping up the peso, according to economists’ estimates.
The peso fell to a record low at its official exchange rate last week, of 1,492 per US dollar. The peso strengthened 7.5 per cent against the dollar on Sunday on a 24 hour crypto-based currency exchange.
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