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Described alongright-wing populist andright-wing libertarian lines, Milei pursued deregulation policies to alleviate the national economic crisis. He eliminated several government ministries within his first months in office, achieving a budget surplus for the first time since 2011. On foreign affairs, the Milei administration distanced itself from left-wing governments such as those of Venezuela and Cuba, favouring closer ties with Israel amid theGaza war and Ukraine during theRusso–Ukrainian War.
For the runoff, Milei was endorsed by former presidentMauricio Macri and third-place candidatePatricia Bullrich, both members of theJuntos por el Cambio coalition.[7][8] Milei remained technically tied in polls with Massa but emerged the victor on 19 November by 10 points in a rejection of the establishmentPeronists.[9] His victory was likened to that ofDonald Trump in the United States andJair Bolsonaro in Brazil.[10][11]
Soon after his victory, Milei began selecting the members of his cabinet. On 21 November 2023, he met with outgoing presidentAlberto Fernández at theQuinta de Olivos, beginning his presidential transition.[12] On 25 November, he and Vice President-elect Villaruel received a rosary fromPope Francis.[13] At the same time, he had phone calls with Hungarian Prime MinisterViktor Orbán, South Korean presidentYoon Suk Yeol, and IMF directorKristalina Georgieva.[13] Later that month, he travelled to the United States, where he visited the tomb of rabbiMenachem Mendel Schneerson and met with former US presidentBill Clinton and former senatorChris Dodd.[14][15]
Milei receiving the presidential scepter from outgoing president Alberto Fernández.
Milei was inaugurated on 10 December 2023. He delivered a speech to the Argentine nation,[16][17] warning of aneconomic shock, which has been described asshock therapy in economic terms, to be used as a means to fix Argentina's economic woes,[18][19][20] with inflation rising to 200 percent.[21] Following the inauguration, Milei saw his popularity increase in public opinion. After the first governmental and economic reforms taken by the president and his ministers, 53% of the Argentine people had a very good or good image of the new head of state according to a popularity poll made by Aresco on 15 December.[22]
Milei's cabinet took office on 10 December 2023. After the remaining officials fromAlberto Fernández's presidency resigned, Milei began his nominations for those responsible for the existing portfolios. His cabinet mostly included ministers fromLa Libertad Avanza andJuntos por el Cambio.[24][25][26]
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On 21 December 2023, Milei announced alarge decree that become known in the media as "Megadecreto", a plan to modify a wide variety ofeconomic regulations regarding the Argentine economy. In a statement saying that he aims to lay "the foundations for the reconstruction of the Argentine economy and restore freedom and autonomy to individuals,removing the State from their shoulders",[31] more than 300 regulations were set aside, including significant rent and labour market regulations.[32] The decree is subject to approval by Congress, which was called for an extraordinary session to be held in the first months of 2024.[33]
The Milei government said it would not renew contracts for the more than 5000 public sector employees who were hired in 2023, while contracts for other government employees hired prior to 2023 will be reviewed. "The 2023 cutoff is apparently meant to target the practice of outgoing presidents padding the payrolls in their final year".[34] Annual inflation stood at 211% when Milei took office in December 2023,[35][36] and reached a peak of 289% in April 2024[37] before falling below 200% for the first time in a year in October 2024.[38] Monthly inflation has come down from 25% in December 2023 to 8.8% in April 2024, more than expected,[39][40][41] further dropping to 2.4% by February 2025, the lowest it had been in four years.[42]
On 10 January 2024, theIMF agreed to restart payouts to the Argentine treasury. Trade unions in Argentina have opposed Milei's policies, and theCGT called for ageneral strike on 24 January 2024. Milei has aimed to build up thecentral bank's foreign-exchange reserves by raising import and export taxes.[43]
During the first six months of his presidency, poverty rates increased from 41.7% to 52.9%, briefly peaking at 57.4% in the end of January 2024.[45] By the end of 2024 the government estimated that poverty would be near 38.9%, below the 41.4% left by the government of Alberto Fernández.[46] Conversely, the poverty rate in the third quarter is estimated at 49.9% by the Catholic University of Argentina, and 36.8% by the Torcuato Di Tella University.[47][48] By the second semester of 2024, poverty levels have fallen sharply to 38%, the lowest since 2022.[42]
On 10 December, economist and economics academicDiana Mondino was formally appointed as Minister of Foreign Affairs, International Trade and Worship.[49]
Milei's government decided to suspend diplomatic relations withCuba,Nicaragua, andVenezuela. After his inauguration, Milei ordered that Argentina would not send ambassadors to any of those three countries, which Milei has previously labelled as dictatorships.[50] Relations with Venezuela have deteriorated rapidly under the presidency of Milei with the Argentine Embassy in Venezuela twicefalling under siege during theVenezuelan post-electoral crisis.
In January 2024, Argentina offered military assistance to Ecuador in itsconflict with organised crime. On 13 January, Ecuadorian presidentDaniel Noboa accepted Argentina's (and the US's) military aid.[51]
On 25 January 2024, Colombia summoned its ambassador in Argentina to protest recent comments by Javier Milei, where Milei called Colombian presidentGustavo Petro a "murderous communist who is sinking Colombia".[52] The Colombian ambassador labelled Milei as a "hypocrite" and condemned his comments.[53]
Durings his tenure, Milei has had two non-official visits to Spain and one to Chile.[54][55] In these visits where he participated in private events, he took occasion to criticise the prime minister of SpainPedro Sánchez and the president of ChileGabriel Boric.[54][55]
During the campaign for the 2023 elections said that he would not make deals with China, because of his rejection to communism and his support to freedom and democracy. However, once in government there were no diplomatic conflicts with China. The renewal of theswaps, the soy trade, the joint building of theJorge Cepernic andNéstor Kirchner dams, and the negotiations with the IMF led to cordial relations between both countries.[56]
Milei's Foreign Minister,Diana Mondino, confirmed that Argentina rejected its invitation to join theBRICS group of nations, and that the country had instead chosen to sign its membership request toOECD.[57]
Milei and Israeli PresidentIsaac Herzog in Jerusalem on 6 February 2024
On 12 December 2023, Argentina changed its position before the United Nations in regard to theongoing war between Israel and Hamas. Argentina, which had voted in favor of a ceasefire in theGeneral Assembly Resolution ES-10/21, switched to abstaining in theResolution ES-10/22. Analysts said the move showed a clearer support for Israel from Milei.[58] On 14 January 2024, on the occasion of the hundredth day of war between Israel and Hamas, Milei expressed solidarity with the government and people of Israel, further adding that Argentina "endorses Israel's right to legitimate defence".[59] On 5 February 2024, he commenced his inaugural state visit to Israel as president. There, Milei met withPresident of IsraelIsaac Herzog andPrime Minister of IsraelBenjamin Netanyahu, to whom he confirmed Argentina's embassy in Israel will move fromTel Aviv toJerusalem.[60]
In June 2024, Milei received the ILAN Award for Political Innovation, presented byIsaac Assa, president of the Israel Latin American Network (ILAN).[61][62]
Milei met with Ukrainian presidentVolodymyr Zelenskyy in Buenos Aires on 10 December 2023. On 16 December, Milei's government announced through the Air Force, that it would donate two Russian-madeMil Mi-17 military helicopters to Ukraine.[63]
Despite relatively high approval ratings during his early tenure, his ratings began to fall sharply in September 2024, with a report fromTorcuato di Tella University reporting that a 55.2% of the population has a neutral to negative opinion on the administration.[66][67]
At the beginning of December 2024, the approval ratings rose to 66% (the second highest among other global leaders), with the disapproval standing at 22% according toMorning Consult Pro.[68]
In February 2025, opposition politicians in Congress called for an impeachment trial of Milei after he promoted the$Libra cryptocurrency which then suffered a disastrous price drop shortly afterward. Commentators said it could have been arug pull.[69][70] The presidential office announced that the Anti-Corruption Office would open an investigation to determine if there was "improper conduct" by anyone, "including the president himself".[71][72]
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