Argentina’s Milei Urges Moderates to Back Reforms After Strong Midterm Showing

Argentine President Javier Milei on Monday urged centrist opposition lawmakers to support his reform agenda over the next two years, following his party’s strong performance in the midterm legislative elections — a result that lifted local markets.

Official results showed that Milei’s La Libertad Avanza party won 40.68% of the vote, compared with 31.69% for the Peronist coalition. The president said the priority now is to secure approval for key reforms.

“The worst is over,” Milei told local television channel A24. Referring to possible alliances with lawmakers and provincial governors, he added, “I’m going to get the votes I need in Congress to implement these reforms.”

After strengthening his bloc’s position in Congress — where the opposition had previously held sway — Milei reaffirmed plans to push ahead with labor, pension, and tax reforms.

Following the midterm results, Argentina’s peso surged 10% in early Monday trading to 1,355 per U.S. dollar, while the country’s main stock index (.MERV) jumped nearly 20%.

Milei confirmed that he plans to reshuffle his cabinet, saying several changes would be “mandatory” because some ministers had won congressional seats. He noted, however, that he has until December 10, when the new lawmakers take office, to finalize the lineup.

Security Minister Patricia Bullrich won a Senate seat, Defense Minister Luis Petri was elected to the lower house, and presidential spokesperson Manuel Adorni will serve as a legislator for the city of Buenos Aires.

“I need to form a new cabinet,” Milei said, “one that can negotiate and deliver on the laws I committed to with the Argentine people.”