Buenos Aires, Argentina — President Javier Milei’s libertarian movement scored a decisive victory in Argentina’s high stakes midterm elections, solidifying support for his ambitious free-market economic reforms less than a year after taking office.

According to early official results, Milei’s party, La Libertad Avanza (Freedom Advances), won 41.5% of the vote in Buenos Aires province, narrowly surpassing the Peronist coalition, which garnered 40.8%. The province has long been a Peronist stronghold, making the result a historic political shift in Argentina’s modern democracy.

Nationwide, La Libertad Avanza is projected to secure 64 seats in the House of Deputies, up from 37, giving the president increased leverage to push through his economic overhaul in a deeply divided Congress.

A Mandate for Reform

Milei, a former economist and television commentator turned firebrand politician, has promised to dismantle Argentina’s bloated state apparatus, slash public spending, and stabilize the country’s spiraling inflation, which has remained among the highest in the world.

In his post election address, Milei hailed the results as “a mandate for change,” saying Argentines had chosen “freedom, responsibility, and economic discipline” over populism.

“The people have spoken clearly,” Milei said from Buenos Aires. “This victory is not for me, but for all Argentines who believe in a new direction for our country.”

Political Shift in Argentina

The results deal a major blow to Argentina’s Peronist movement, which has dominated national politics for much of the past 75 years. Once the backbone of Argentina’s working class electorate, the Peronist bloc has struggled to maintain influence amid economic stagnation, inflation, and widespread voter frustration.

Analysts say the midterm results may mark a turning point in Argentina’s political landscape, consolidating Milei’s position as one of Latin America’s most controversial yet influential leaders.

Economic Challenges Ahead

Despite the electoral win, Milei faces daunting challenges ahead. Argentina remains mired in a deep recession, with inflation exceeding 200% annually and growing public discontent over austerity measures. The president’s efforts to dollarize the economy, privatize state firms, and cut subsidies have drawn both domestic and international scrutiny.

Still, investors welcomed the election results, seeing them as a sign that Milei’s reform agenda now has a stronger political foundation to proceed.