OAN Staff Blake Wolf and Brooke Mallory
4:59 PM – Monday, October 27, 2025
Argentina’s libertarian President Javier Milei won key victories in the midterm elections on Sunday, providing him with the political capital needed to continue carrying out his free-market agenda alongside the backing of President Donald Trump.
Milei’s political party, La Libertad Avanza, formed as a nationwide party last year, was able to garner over 40% of the vote on Sunday, ultimately beating the left-leaning opposition movement — which garnered 31% of the vote.
The midterm elections were widely seen as a referendum on Milei’s libertarian policies over the past two years, which represented a major divergence from the previous left-leaning populist administration. The previous administration heavily relied on state control and welfare programs, resulting in inflation rates reaching over 150% annually.
“I am the king of a lost world,” Milei proclaimed after his election victory on Sunday. “Today we have passed the turning point. Today we begin the construction of a great Argentina.”
As a result of the election, Milei’s party and allied blocs acquired 14 Senate seats, as well as 64 seats in the lower house, allowing him the votes required to continue carrying out his economic agenda.
Milei’s victory follows a U.S.-backed financial package, a $20 billion currency swap plus up to another $20 billion in private-sector lending. However, the additional $20 billion private-sector lending component has not yet been finalized, and no official announcements indicate the private facility has been locked in.
Negotiations continue, however, with banks expressing interest but details like terms, guarantees, and exact participation unresolved.
“If he wins we’re staying with him, and if he doesn’t win, we’re gone,” Trump stated earlier this month.
After the election, President Trump took to social media to celebrate the victory on Monday, writing: “BIG WIN in Argentina for Javier Milei, a wonderful Trump Endorsed Candidate! He’s making us all look good. Congratulations Javier!”
Milei responded to Trump’s post on Sunday, writing back: “Thank you, President @realDonaldTrump, for trusting the Argentine people. You are a great friend of the Argentine Republic. Our Nations should have never stopped being allies. Our people want to live in freedom. Count on me to fight for Western civilization, which has succeeded in lifting more than 90% of the world’s population out of poverty.”
Since taking office in December of 2023, Milei has focused on reducing hyperinflation and drastically reducing the size of government, in line with his libertarian philosophy.
Within his first month in office, Milei slashed the federal budget by roughly 30%, paving the way for Argentina to achieve its first federal budget surplus since 2008. Milei went on to dissolve 10 government ministries to reduce public spending, eliminate price controls, implement major deregulation measures, and halt money printing.
“For foreign investors, this outcome is a relief because it shows that the Milei program can be sustainable,” stated Marcelo J. Garcia, the America’s director for Horizon Engage, a geopolitical risk consultancy. “It leaves the opposition weakened and fragmented, just as it was when Milei won the presidency in December 2023.”
Treasury Secretary Scott Bessent highlighted Argentina’s role in countering Chinese influence, preventing regional instability, and avoiding future U.S. military or humanitarian interventions in Latin America. He has also stressed that the additional $20 billion private component involves no direct taxpayer funds and is designed to strengthen a strategic partner committed to free-market reforms and reducing Beijing’s foothold in the region.
“It is America first because we are supporting a U.S. ally. There will be no taxpayer losses,” said Bessent in an interview on Sunday. “We want to set the tone in Latin America,” Bessent added. “I would rather extend a swap line than be shooting at the boats carrying drugs, as we’re having to, coming out of Venezuela.”
Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
What do YOU think? Click here to jump to the comments!Sponsored Content Below