- Argentine legislators approve reform
- Protests against economic changes
- IMF supports Milei’s policies
After days of deliberation, Argentine legislators have approved the contentious “omnibus” reform measure proposed by President Javier Milei, setting the stage for a decisive Senate vote.
On Friday, the lower chamber of deputies voted 144 to 109 in favour of the package in principle. The comprehensive legislation, intended to initiate a paradigm shift in both the state and the economy, could be subject to modifications before its presentation in the Senate.
Amidst the voting process, large protesters assembled in the vicinity of Congress. Critics assert that the government will use the bill to increase natural resource exploitation for the advantage of the private sector while reducing funding for the environment and culture.
“We have two clear options: become the largest slum in the world, or continue on this path towards prosperity and freedom,” said Freedom Advances lawmaker Lorena Villaverde, a supporter of the bill and a member of Milei’s far-right legislative party.
Shortly before the vote, Milei stated on social media that lawmakers “had the opportunity to demonstrate which side of history” they wished to support.
A presidential statement stated, “History will judge them according to whether they worked in support of the Argentines or for the continued impoverishment of the people.”
Difficulties of reform
In October, 53-year-old Milei emerged victorious in elections, riding a surge of anger over decades of economic woes in the South American country, where annual inflation exceeds 200 per cent, and the poverty rate is 40 per cent.
To deregulate the economy, he began his tenure by devaluing the peso by more than 50 per cent, eliminating hundreds of regulations, and reducing state subsidies for fuel and transportation by half.
His reform programme encompasses numerous facets of public and private existence, including cultural matters, the penal code, divorce, football club status, and privatisations.
However, Leandro Santoro, a deputy for the opposition, cited the social and economic crisis 2001 to illustrate the dangers of free-market reforms.
“Argentines are already aware of the consequences that ensue when an economic framework emphasises deregulation and adjustment,” he stated.
“Western nations are not for sale”
During the vote on Friday, police discharged tear gas into masses of protesters gathered outside of Congress.
Teresa Bo of Al Jazeera, reporting from Buenos Aires, characterised this measure as a significant political challenge for Milei and his aspirations to institute economic reform in Argentina.
“Take a step towards financial freedom – claim your free Webull shares now!”
Bo stated, “Thousands of individuals have gathered outside to voice their opposition to Milei’s plans for Argentina.” Outside of Congress, protesters chanted, “The nation is not for sale.”
Left-leaning Front lawmaker Vanina Biasi told Al Jazeera that the Argentians’ liberties are in jeopardy.
She stated, “The bill addresses fundamental issues that affect people.”
A week before these demonstrations, tens of thousands of Argentines took to the streets in a significant challenge to Milei’s budget-cutting policies.
As a vote of confidence in Milei’s reforms, the International Monetary Fund (IMF) authorised an approximately $4.7 billion transfer to Argentina on Wednesday.
