President Javier Milei’s libertarian movement has consolidated its power after a decisive showing in Argentina’s midterm elections, strengthening his hand to pursue sweeping free-market reforms amid continued economic hardship.

La Libertad Avanza, Milei’s party, won just over 40% of the national vote, emerging as the single largest bloc in the lower house of the Argentinian Congress. The performance expands the party’s presence in both chambers of Congress, though it still lacks an outright majority and will need to negotiate with conservative and centrist factions to advance legislation.

The vote served as a referendum on Milei’s first year in office. His administration has pursued a radical programme of fiscal austerity, deregulation, and monetary restraint aimed at stabilising an economy that had been spiralling under years of populist mismanagement. Inflation, which was running above 250% when he took office, has since slowed markedly, but the social cost has been steep. Tens of thousands of public-sector jobs have been cut, subsidies withdrawn, and consumer purchasing power eroded.

Turnout was historically low, reflecting both frustration with political elites and fatigue with economic hardship. Yet the results suggest a significant portion of the electorate accepts Milei’s argument that painful reforms are necessary to restore growth and credibility. Supporters describe him as the first president in a generation willing to challenge entrenched interests and the old Peronist order.

Financial markets and international partners, including the United States, followed the results closely. Washington has backed Milei’s reform agenda as a stabilising force for the region, while investors welcomed the outcome as a sign of policy continuity.

In a victory speech in Buenos Aires, Milei hailed the outcome as a mandate to: “end the old political order and rebuild Argentina on the principles of freedom and responsibility.” He promised to push ahead with privatisation plans, deeper spending cuts, and central bank reform.

The midterm results mark a pivotal moment in Argentina’s experiment with libertarian governance. Milei’s next challenge will be translating momentum into durable legislative support while persuading weary Argentines that short-term pain will yield long-term prosperity.