Milei’s party wins Argentina’s midterms after Trump-backed $40 billion bailout

Argentina’s far-right President Javier Milei scored a surprise victory in the October 26 midterm elections, with his party La Libertad Avanza winning 40.84% of the national vote, despite months of political scandals and deepening economic hardship.

The result, with over 95% of ballots counted, was widely viewed as a referendum on Milei’s two years in office, and came shortly after US President Donald Trump announced a $40 billion bailout for Argentina—making continued aid explicitly conditional on Milei’s success, Caliber.Az reports via foreign media.

The opposition Peronist coalition, Fuerza Patria, finished second with 31.67%, retaining control of Congress but losing ground in key districts, including Buenos Aires Province—home to roughly 40% of Argentina’s electorate—where Milei’s party overturned a 14-point deficit from September’s provincial elections.

While the victory does not grant Milei a legislative majority, it allows his government to secure over a third of the lower house, enabling it to sustain presidential vetoes. His party gained 64 seats in the Chamber of Deputies and 12 in the Senate, out of the 127 and 24 contested respectively.

Celebrating before cheering supporters in Buenos Aires, Milei declared, “Today we passed the tipping point – the construction of a great Argentina begins,” later hailing the US bailout as “unprecedented in world history.” He pledged to accelerate reforms to “make Argentina great again,” echoing Trump’s campaign slogan.

Trump congratulated Milei hours later, calling the result a “landslide victory,” saying that the Argentinian leader “is doing a wonderful job!”

Since taking office, Milei has pursued sweeping austerity under his “chainsaw” policy, slashing public spending, freezing infrastructure and health investments, and eliminating tens of thousands of state jobs. These measures helped reduce inflation from over 200% in 2023 to around 30% in September 2025, producing Argentina’s first fiscal surplus in 14 years and modest economic growth of 0.3% in August.

However, the social cost has been steep: purchasing power has collapsed, unemployment has surged with over 250,000 job losses, and roughly 18,000 businesses have closed. Allegations of corruption involving Milei’s sister and the collapse of a cryptocurrency he promoted have further tarnished his image.

Facing dwindling reserves and a collapsing peso, the government exhausted much of its $20 billion IMF loan before turning to Washington. Trump’s bailout drew accusations of US interference in Argentina’s domestic politics, with analysts warning it could stoke anti-American sentiment.

Voter turnout fell to 67.85%, the lowest since Argentina’s return to democracy in 1983—underscoring growing disillusionment despite Milei’s electoral rebound.

By Vugar Khalilov