President Milei Inaugurates Ordinary Congress Sessions, Vows Deep Reforms in Argentina

President Milei Kicks Off Legislative Year with Reform Agenda

President Javier Milei officially inaugurated the ordinary sessions of Argentina's National Congress on March 1, 2024, delivering a comprehensive address that underscored his administration's commitment to profound economic and structural reforms. The speech, delivered from the National Congress building in Buenos Aires, marked the beginning of the 142nd ordinary legislative period and set a confrontational tone for his legislative agenda.

Breaking with tradition, President Milei delivered his speech at 9 p.m., a departure from the customary noon timing, reportedly to allow a wider audience to tune in after working hours.

Key Pillars of the Proposed Reforms

Milei's address focused heavily on the need for austerity measures and libertarian reforms to combat Argentina's severe hyperinflation and fiscal deficits, which he attributed to previous administrations. He defended his use of executive decrees for rapid deregulation, including the significant Decree of Necessity and Urgency. The President also presented a broad legislative package, often referred to as the 'Ley de Bases' or 'Omnibus Bill,' which aimed to implement sweeping changes across various sectors.

The proposed reforms encompassed:

• State reform and a reduction in public spending.
• Measures to promote registered employment and modernize labor laws.
• Incentives for large investments (RIGI).
• Fiscal measures, including tax reforms and regularization of tax obligations.
• Plans for the privatization of state-owned companies.
• A push for a new agreement with the International Monetary Fund (IMF) to stabilize the economy and replenish central bank reserves.

A significant legislative victory for the administration came with the approval of a sweeping labor reform in February 2026, aimed at altering labor relations, lowering costs, and limiting union power.

Addressing Industrialists and the 'Cultural Battle'

In his speech, President Milei directly challenged certain sectors of the industrial community, particularly textile industrialists. He accused them of benefiting from 'unprecedented profit margins of 70 percent' due to 'old protectionist policies.' Milei framed this critique as part of his broader 'cultural battle,' arguing that opening up the economy was essential to end the extraordinary profits of 'crony capitalists who hide behind nationalism to avoid competition and make local products more expensive.'

Outlook for Future Reforms

The President's address also hinted at future legislative priorities, including a new university financing bill, further electoral reform, and stricter regulation for non-governmental organizations. He also proposed changes to the Juvenile Penal Code, seeking to lower the age of criminal responsibility. Milei's speech reiterated his determination to push forward with his agenda, signaling a continued period of intense legislative debate and reform efforts in Argentina.