Javier Milei’s presidency, which started in December last year in Argentina, brought significant attention to his legislative agenda in Congress.
Among his anticipated policies was the privatization of Yacimientos Petrolíferos Fiscales (YPF), a move closely watched by international investors.
Achieving a legislative majority proved challenging for Milei, as unions and politicians opposed his policy packages, Ley Ómnibus and DNU.
The proposal to privatize YPF initially included in the Ley Ómnibus, was removed to increase its likelihood of passing through Congress.
This decision, made after a week of discussions and confirmed as the government sought wider support, led to a 3.73% drop in YPF’s shares in New York trading.
In the Chamber of Deputies, Milei’s party, La Libertad Avanza (LLA), holds 37 seats, forming the third-largest group.
Their alliance with Juntos por el Cambio (JxC), which has 93 deputies, brings their total to a comfortable majority of 130.
Yet, not all JxC members fully support Milei, casting uncertainty over this majority. The opposition, Unión por la Patria (UP), remains the largest block with 108 deputies.
Ley Ómnibus and DNU
In the Senate, the situation mirrors the Chamber, with LLA having 8 senators, JxC 24, and UP 34.
Achieving a majority in the Senate requires 37 seats, making coalition-building vital for legislative success.
Both the Ley Ómnibus and DNU encompass extensive policy proposals under debate in Argentina’s legislative and judicial circles.
The lack of popular support for these measures also influences their potential approval.
Milei’s cabinet recently removed proposals for federal ‘extraordinary powers’ in fiscal matters, preserving provincial financial control.
As parliamentary activities resume, the focus intensifies on Milei’s initiatives.
The outcomes of these debates are crucial, as they reflect Argentina’s current political dynamics and impact the country’s economic stability and international investment climate.
More: Argentina news in English, every day from The Rio Times.
Live Company IntelligenceYPF Sociedad Anonima — the full investor dossier
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief