President Javier Milei of Argentina’s Senate narrowly approved his sweeping proposals to cut state spending and increase his own powers, securing his first legislative victory amidst protests and opposition from other senators. The bills aim to trim the fiscal deficit, attract foreign investment, and privatize state companies to reform the troubled economy.
Despite facing resistance, Milei celebrated the approval as a triumph for the nation and a significant step towards economic recovery. His measures include a one-year state of emergency declaration and granting expanded powers to the president until 2027, along with incentives for investors and spending cuts. However, critics fear potential labor and pension rights losses due to these reforms.
While Milei’s administration seeks to attract foreign investment and strike a new deal with the IMF, analysts stress the need for sustainable policies to ensure long-term economic stability. Milei’s allies agreed not to privatize key state-owned assets, in response to public outcry, as protests against the measures continued in Buenos Aires.
The approval marks a significant milestone for Milei and his ambitious agenda, aiming to revitalize Argentina’s economy despite facing challenges and criticisms along the way.
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