Argentines voted this Sunday in legislative elections that will test support for President Javier Milei’s free-market reforms and deep austerity measures and determine whether he will have the support to continue his economic reform.
The president’s party, La Libertad Avanza, aims to significantly increase its small minority in Congress to increase investor confidence in Milei’s vision and maintain the support of U.S. President Donald Trump, who recently granted Argentina a hefty financial bailout but has threatened to step aside if Milei does not do well.
“Don’t give up because we are halfway there,” Milei told supporters at a campaign closing event in the port city of Rosario on Thursday. “We are on a good path.”
Half of Argentina’s Chamber of Deputies, or 127 seats, as well as a third of the Senate, or 24 seats, are up for grabs in the midterm vote. The Peronist opposition movement holds the largest minority in both houses, while Milei’s relatively new party has just 37 deputies and six senators.
The election results are expected to be announced from 9pm (Brasília time).
Milei voted this Sunday morning in the leafy middle-class neighborhood of Almagro, in Buenos Aires, and waved to the public, but did not make any statement. At voting centers across the city, some residents told Reuters they wanted to continue supporting the president’s reform.
Continues after advertising
“Milei is risking everything for profound change and needs support because it is not an easy task after years of populism,” said Cecilia Juarez, a 22-year-old university student, before casting her vote, referring to the Peronist governments that have dominated much of Argentine politics for the past 50 years.
Silvio Caballero, 54 years old, university professor, was more pessimistic.
“Economic growth is very slow, I don’t know when we will be able to become a first world country,” said Caballero. He didn’t say who he was voting for.
The White House and foreign investors were impressed by the Argentine government’s ability to significantly reduce monthly inflation — from 12.8% before Milei took office to 2.1% last month —, achieve a fiscal surplus and pass sweeping deregulation measures.
But Milei’s popularity has fallen in recent months due to public frustration over her public spending cuts and a corruption scandal linked to her sister, who also serves as chief of staff.
“Milei’s adjustment was made with treachery and cruelty,” said Axel Kicillof, governor of Buenos Aires province, during a campaign closing event for the Peronist opposition coalition on Thursday. “They enjoy every victim of the cuts.”
Continues after advertising
Political experts say more than 35% of the vote would be a positive result for Milei’s government and could allow him, through alliances with other parties, to block efforts by opposition lawmakers to override their vetoes against laws that Milei says threaten Argentina’s fiscal balance.
Maria Laura Tagina, a political scientist at the Universidad Nacional de San Martín, said the Peronist movement will have to fight harder than Milei’s party to achieve a “good election” because many more seats are up for grabs.
Milei said he expects a cabinet change after the election that could include members of the centrist PRO party, a frequent ally of the government in Congress, which is led by former president Mauricio Macri. On Monday, Foreign Minister Gerardo Werthein resigned.
Continues after advertising
The election will be closely watched by the White House. Trump’s possible $40 billion bailout of Argentina includes a signed $20 billion currency swap and a possible $20 billion debt investment facility.
Following the results, many analysts predict a devaluation of the peso, which, according to them, was overvalued to contain inflation. If Milei’s party underperforms, this could result in a sharper adjustment of exchange rate policy.
