BUENOS AIRES – The political landscape in Argentina has entered a crucial new phase following the nation's recent midterm elections, where the alliance between President Javier Milei's La Libertad Avanza (LLA) and former President Mauricio Macri's Pro coalition achieved a significant, if somewhat unexpected, victory.
Milei Alliance Claims Key Legislative Gains
The results, tallied from the voting that took place on Sunday, October 26th, saw the LLA-Pro alliance garner 41 percent of the national vote. This outcome provided a crucial boost to President Milei’s administration, especially in securing a more favorable position in the upcoming legislative sessions.
A notable development stemming from the election is the substantial increase in seats for the ruling coalition in the Lower Chamber. While the incumbent Peronist bloc maintained its strength, securing 43 new seats to match the 43 seats up for renewal, the LLA-Pro alliance managed a much more dramatic expansion. Having only eight seats up for renewal, the alliance successfully gained 51 new seats.
By December 2025, the new configuration will see LLA holding 80 seats and Pro securing 24 seats (ten of which were won under the LLA banner). Combined, LLA and Pro will form a first minority bloc of 104 seats in the Lower Chamber. This remains short of the 129 votes needed to pass major legislation without support, but it is a significant step toward building governing coalitions.
Conversely, the Kirchnerismo/left-wing Peronism secured 25 percent of the vote, plus an additional 6 percent through affiliated parties in various provinces, maintaining a robust presence with 99 seats in the Lower House, solidifying its position as the second-largest bloc. The election was characterized by high polarization, particularly in the Province of Buenos Aires, where the two main forces—LLA and Peronism—accounted for nearly 83 percent of the total vote.
Immediate Focus on Governance and Economic Stability
The immediate aftermath of the election has seen a pivot toward governance and the critical need to negotiate key reforms with provincial leaders. On Thursday, October 30th, President Milei convened a meeting with 17 governors at the Presidential Palace (Casa Rosada) to discuss the path forward.
This gathering signals the administration's recognition that significant domestic policy changes, including proposed structural reforms, will require cooperation from provincial power brokers, many of whom are allied with opposition parties.
Economic implications remain at the forefront of the national agenda. Analysts suggest the election victory may offer the government breathing room regarding immediate, drastic shifts to the current foreign exchange system. However, the sustainability of the current dollar rate—cited between ARS 1,350 and ARS 1,450—is under scrutiny. Economists have pointed out that maintaining this rate is challenging given the Central Bank's current inability to systematically accumulate the foreign reserves mandated under the International Monetary Fund (IMF) USD 20 billion Extended Fund Facility signed earlier this year.
A Polarized Mandate and Future Challenges
The election results underscore a deeply divided electorate, yet the LLA-Pro alliance managed to capitalize on the anti-status quo sentiment that swept through global politics in the preceding year. While the victory was seen as an endorsement of Milei’s libertarian agenda, the strong showing by Peronism, particularly in key provincial strongholds, confirms that the opposition remains a potent force.
The administration’s ability to translate its electoral success into concrete legislative achievements will now depend heavily on its capacity for negotiation and compromise with the established political forces. The challenge for President Milei is to leverage his enhanced minority position to push through economic adjustments without alienating the broader electorate or triggering instability.
The coming months will be a true test of the political dexterity of the administration as it navigates a legislature where no single bloc holds an outright majority, setting the stage for intense political maneuvering in the lead-up to the next electoral cycle.