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Argentine President Javier Milei’s party has won a decisive victory in Milei’s first political test since his election in 2023, early results show.

Milei’s governing La Libertad Avanza party won 40.8 percent of the votes nationally in elections for the lower house of Congress, according to tallies in local media using numbers from electoral authorities. The results widely reported also showed his party won six of the eight provinces that voted to renew a third of the Senate.

In comparison, the results showed the left-leaning opposition, known as the Peronists, winning 31.7 percent of the vote.

Half of the seats in the Argentine National Congress—127 in the lower house and 24 in the upper house—were up for grabs.

The elections were high stakes for Milei, who has undertaken a vast libertarian agenda to cut regulations, government spending, and other state-heavy policies. These elections are seen by observers as the first referendum for Milei’s “shock therapy” reforms and “chainsaw” economics.

Milei’s approach to Argentina’s governance has gained the support of U.S. President Donald Trump, whose administration has offered financial incentives to the country if it moves forward with its current policy trajectory.

Milei’s party, La Libertad Avanza, is only the second largest party in the Legislature currently.

Milei’s primary rivals in the Peronist coalition went into the race with the largest number of seats.

Even in a best case scenario for Milei, his party wouldn’t be able to win a majority in Congress. However, winning at least one-third of the vote would be a positive development for the ruling government and stop legislative efforts by opposition lawmakers to overturn the president’s vetoes.

Through a wave of executive actions, the Milei administration has launched sweeping reforms that have reshaped Argentina’s economic landscape—from deep cuts in public spending to a dramatic downsizing of government institutions.

While they fulfill his 2023 campaign promises, results from last month’s provincial elections also reflected a sizable share of the public becoming frustrated with the government’s cost-cutting measures.

The victory could pay off financially for Argentina.

Earlier this month, U.S. Treasury Secretary Scott Bessent unveiled a $20 billion economic rescue package that aims to boost Argentina’s foreign reserves and stabilize the peso during a cash crunch.

The United States also purchased Argentine pesos from markets, bringing the United States’ overall backing to $40 billion.

However, Trump cautioned earlier this week that continued U.S. support will be contingent on the electoral outcome in the region’s third-largest economy.

“I’m with this man because his philosophy is correct, and he may win, he may not win. But I think he’s going to win, and if he wins, we’re staying with him, and if he doesn’t win, we’re gone,” Trump told reporters during a bilateral meeting with Milei at the White House on Oct. 14.

“Because if a socialist wins, you’d feel a lot differently about making an investment.”

Bessent reiterated the president’s sentiment, telling the press that reverting to “Peronist policies would cause a rethink.”

<em>Andrew Moran and The Associated Press contributed to this report. </em>

<em>From <a href="https://www.theepochtimes.com/world/mileis-party-wins-argentinas-midterm-elections-5935195">The Epoch Times</a></em>

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