Argentine President Javier Milei's economic reforms were signed into law and immediately went into effect on Monday, marking the beginning of an era of privatization and deregulation aimed at revitalizing the country's struggling economy.
Milei, alongside Chief of Cabinet Guillermo Francos and Minister of Economy Luis Caputo, signed the comprehensive reform package and its accompanying fiscal package this morning.
"Argentina is immersed in a serious and deep economic, financial, fiscal, social, pension, security, defense, tariff, energy, health and social crisis without precedent, which affects all levels of society and the very functioning of the State," the omnibus bill states. The extensive document is made up of over 200 articles that broadly deregulate and reform these sectors.
The first measure of the bill empowers Milei to declare a state of emergency "in administrative, economic, financial, and energy matters" for one year. It also includes multiple measures aimed at improving "bureaucratic efficiency" and transparency. For example, it mandates automatic approval if the administration fails to respond to citizen requests within a specific time frame.
