Argentina Holds Pivotal Midterm Elections Amidst Economic Reforms and Political Scrutiny

Argentines Head to Polls in Critical Midterm Vote

On Sunday, October 26, 2025, Argentines are casting their ballots in midterm legislative elections that are widely perceived as a significant referendum on President Javier Milei's two-year administration. The elections will determine the composition of half of the Chamber of Deputies and one-third of the Senate, directly impacting the legislative power of Milei's ruling party, La Libertad Avanza (LLA).

Approximately 35.4 million eligible voters are participating in the elections, which will see 127 of 257 seats in the Chamber of Deputies and 24 of 72 seats in the Senate renewed. This election marks the first national contest utilizing a single paper ballot (Boleta Única de Papel, BUP) and is also the first since 2011 without the Open, Mandatory and Simultaneous Primaries (PASO) system.

Milei's Economic 'Shock Therapy' Under Scrutiny

President Milei, who took office in December 2023, campaigned on a platform of radical economic reform, promising to tackle Argentina's chronic inflation and fiscal deficit through sweeping austerity measures. His administration has implemented significant cuts to public spending, aiming to achieve a balanced budget and reduce the country's high inflation rates.

Key economic developments under Milei's tenure include:

• A substantial reduction in monthly inflation, reportedly falling from 25% in December 2023 to 1.9% by October 2025, or from 12.8% before his inauguration to 2.1% last month.
• The achievement of a fiscal surplus, a notable milestone for the Argentine economy.
• Concerns over a stalling economy, faltering economic growth, consumption, and manufacturing, leading to public discontent.
• Cuts in public sector jobs, subsidies, and impacts on pensions, health, and education, which have drawn criticism and protests.

The elections are seen as a crucial test of public support for these policies, with Milei himself framing the vote as a choice between his government's direction and a 'step backward'.

Political Landscape and Legislative Stakes

La Libertad Avanza currently holds a minority in both chambers of Congress, with only 37 seats in the Lower House and 6 seats in the Senate. This limited representation has often forced the administration to rely on alliances, particularly with the right-wing PRO party, to advance its legislative agenda. The primary objective for LLA in these elections is to significantly increase its presence, ideally securing at least one-third of the seats in parliament to form a blocking minority. This would enable the government to uphold presidential vetoes against opposition-led legislation that could jeopardize its economic plan.

The main opposition is the Peronist coalition, competing under the name Fuerza Patria in many provinces. Recent provincial elections in Buenos Aires in September saw the opposition defeat Milei's coalition by 47% to 34%, signaling potential challenges for LLA. Pre-election polls have indicated a close race between the ruling party and the opposition, with Milei's approval rating reportedly falling to 42% and disapproval climbing to 53% by early October 2025.

A Referendum on Milei's Mandate

The outcome of these midterm elections will be pivotal for the remainder of President Milei's term. A strong performance by La Libertad Avanza could bolster his ability to implement further reforms and maintain investor confidence. Conversely, a significant loss could weaken his presidency, potentially leading to increased political gridlock and challenges to his reform agenda.