October 31st, 2025
1. Libertad Avanza wins the 2025 national legislative elections
La Libertad Avanza came in first in the 2025 national legislative elections, in which half of the Chamber of Deputies and a third of the Senate were renewed. According to official results, the party won more than 40% of the votes, with outstanding performances in the City of Buenos Aires, Córdoba, and Santa Fe, and a narrow victory in the province of Buenos Aires. With this result, the ruling party won 64 seats in the Chamber of Deputies and 13 in the Senate. Fuerza Patria and its Peronist allies won 33% of the votes, obtaining 46 seats in the Chamber of Deputies and nine in the Senate. Meanwhile, Provincias Unidas—an alliance made up of governors from six provinces—won 7.4% of the vote and secured eight seats in the Chamber of Deputies, with no representation in the Senate. Finally, the Left Front won three seats in the lower house.
2. President Javier Milei meets with governors: dialogue on the 2026 budget and structural reforms
President Javier Milei met with 16 governors, one head of government, and three deputy governors at the Casa Rosada four days after the midterm legislative elections. The meeting, which lasted more than two hours and was attended by the national Cabinet, focused on requesting support for the approval of the 2026 Budget and for labor, tax, and Penal Code reforms. According to official sources, the meeting aimed to strengthen political dialogue and advance parliamentary agreements. At the end of the meeting, presidential spokesman Manuel Adorni said that the president “thanks all the governors who agree and understand the changes that Argentina needs, with the aim of working together for the future.” Adorni also stressed that the national government’s willingness is to “work with everyone, regardless of party differences,” and noted that economic growth will depend on “promoting savings, increasing investment, and ensuring the protection of private property as the basis for prosperity and social coexistence.”
3. The government will call special sessions to discuss the 2026 budget and possible reforms
The national government plans to call special sessions of Congress in December to debate the 2026 budget and may include some labor and tax reform bills on the agenda. The decision is part of the new legislative scenario following the midterm elections, which expanded La Libertad Avanza’s representation in both chambers. According to official sources, the budget bill is expected to be reviewed by a committee in the coming days and debated in Congress after the new deputies and senators take office on December 10. The formal announcement will be made in the coming weeks, once the executive branch has set the date and decided on the topics to be included. At the same time, the government continues to work on the aforementioned reforms, which could be incorporated into the agenda of the extraordinary session if consensus is reached within the May Council and among the various parliamentary blocs.
4. Dollar trends following legislative elections
Following the legislative elections, the financial market experienced a first day of sharp rises and optimism, followed by a correction that moderated the initial variations. During the week, the exchange rate showed a trend toward stability. In the wholesale segment, the dollar closed at $1.438, while at Banco Nación it stood at $1.465 for sale. In the financial markets, the MEP dollar fell 0.8% to $1.463.88, and the blue-chip swap rate (CCL) fell 0.1% to $1.485.47. In the informal market, the blue dollar fell $10 and closed at $1,455. Meanwhile, dollar futures contracts showed declines of up to 0.6%, with projections placing the wholesale exchange rate at around $1,440 for October and $1,515 towards the end of the year.
Ámbito Financiero: El dólar rebotó sobre el final de la rueda pero retrocede $54 desde las elecciones legislativas
5. Sturzenegger outlined the main points of the upcoming legislative agenda and denied any changes to the length of the working day
The Minister of Deregulation, Federico Sturzenegger, presented the main bills that the government plans to send to Congress in the new administration. He explained that there are four initiatives: labor reform, tax reform—led by Minister of Economy Luis Caputo—a package of amendments to the Penal Code promoted by the Ministry of Security, and a second Basic Law that will include proposals related to the modernization of the justice system, the Civil and Commercial Code, and the education system. Regarding labor reform, Sturzenegger clarified that the proposal does not contemplate an extension of the workday. He indicated that the objective is to advance measures to reduce informality, which currently affects about half of workers, and improve employment conditions. The minister asked to “wait for the official text” to be presented in Congress after the May Council talks, and described as unfounded the reports that pointed to an increase in working hours.