The ultra-liberal president of Argentina, Javier Milei, obtained a resounding vote of confidence to continue with his reforms, and hailed a “turning point” for Argentina, after its great success in the mid-term legislative elections this Sunday, October 26, with just over 40% of the votes nationwide.
The result, which contradicts many surveys, is an immense relief for the executive, while the uncertainty linked to the elections had placed the Argentine economy and its currency, the peso, under intense pressure for two months. Triggering his US ally Donald Trump’s massive aid promise, up to $40 billion.
These elections are “the confirmation of the mandate that we receive in 2023” in the presidential elections, to “advance along the reformist path”, launched a triumphant Javier Milei, but without excesses or excesses, to his followers at his electoral headquarters, in a hotel in Buenos Aires.
His La Libertad Avanza party obtained 40.7% of the votes nationwide, according to official results at 97% of the count, and is destined to almost triple its parliamentary base, without achieving an absolute majority.
“A clear victory”
Enough, however, to increase the ability of the “anarcho-capitalist” president to reform and deregulate – during the two remaining years of his presidency – a fragile economy with low foreign exchange reserves and prone to financial turbulence.
According to projections expressed on Sunday by Javier Milei himself, but not confirmed by the electoral authority, his block of deputies would increase from 37 to 101 (of 257 deputies), and his senators from six to 20, out of a total of 72 senators. Javier Milei had estimated that obtaining a third of the seats would be a “good figure”, a threshold that would allow him in particular to impose his vetoes on parliamentarians if necessary.
“I screamed as if it were the goal of the last World Cup when Argentina was champion!” Facundo Campos, a 38-year-old marketing consultant, told AFP of the small hundreds of followers who followed the evening on a giant screen, in front of Javier Milei’s headquarters. “I feel so much happiness, so much enthusiasm. I didn’t expect such a high number!”
“A clear and surprising victory,” political scientist Sergio Berensztein agreed to AFP.
“Argentina has provided very strong support to the president, who now has the opportunity to demonstrate that with a more favorable Parliament he is capable of fulfilling his promises.” Like the oft-repeated decision to “eradicate” inflation completely by mid-2026.
Javier Milei arrived at the polls already crowned with success against inflation, reduced in 20 months from more than 200% to 31.8% year-on-year, and with a budget balance not seen in 14 years. But his “largest budget adjustment in history” – as he likes to repeat – has caused the loss of more than 200,000 jobs, an anemic activity, a contraction of 1.8% in 2024, a recovery in 2025 that is losing strength. And a two-speed society more than ever.
Since 2023, the head of state has legislated a lot through decrees or specific legislative agreements in the chamber. But he was increasingly hampered by a Parliament controlled by its rigidity, even by its insults: “rat nest”, “degenerates”…
More flexibility?
The moderate opposition, sectors of the productive economy but also international donors, such as the IMF, insisted on the Executive “to strengthen political and social support” for its reforms.
And many analysts believe that beyond the elections, Javier Milei will have to make a pragmatic turn. “Show flexibility, humility and willingness to reach agreements with provincial governors and opposition forces with a view to strong majorities that allow them to adopt laws,” considers Sergio Berensztein.
Javier Milei himself appeared on Sunday afternoon to extend his hand, stating that “there are dozens of deputies and senators with whom we can reach basic agreements” on reforms. In the sights of reforms for 2027: tax reforms, labor market flexibility and social protection system.
In the Peronist opposition, disappointed and visibly still not recovered from the Milei shock of 2023, spite dominates and “the feeling that what is winning is indifference. I don’t see what else to say,” lamented Mariano, 61, one of the activists gathered under the windows of former president (2007-2015) Cristina Kirchner, now 72 years old, convicted, ineligible, with a paler star. Sunday’s turnout of 67.9% was almost the lowest in any election since the return of democracy in 1983.
This Monday, US President Donald Trump congratulated his ally, ultra-liberal President Javier Milei, who widely won Sunday’s midterm legislative elections in Argentina, with just over 40% of the votes nationwide.
“Congratulations to President Javier Milei for his overwhelming victory in Argentina. He is doing a wonderful job! Our trust in him has been justified by the Argentine people,” he wrote on his Social Truth network.
Source: BFM TV
