Argentina heads into its midterm legislative elections this Sunday with President Javier Milei’s economic program facing one of its most complex political and market challenges since he took office in December 2023. Despite praise for Milei in bringing inflation down, voters are concerned about a stalling economy, and markets are increasingly questioning the country’s current foreign exchange regime. At the same time, the United States has stepped in with a major swap line to provide liquidity to Argentina’s cash-strapped central bank. At stake on Sunday is the government’s objective of securing at least one-third of the seats in both chambers of Congress, which would give the administration the ability to block veto-proof legislation on areas such as spending that could derail its economic plan. Given this complex environment, it’s worth a closer look at the state of Argentina’s economy in the run-up to the vote.
Milei’s economic plan meets its midterm test – Atlantic Council
