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Lower House Passing Chapters Of Omnibus Bill, But Obstacles Ahead​

ARGENTINA
EM BulletHomepagemarkets-real-timePolitical Market NewsPolitical RiskPolitical Risk BulletBulletEmerging Market News

The Argentinian Chamber of Deputies is currently voting to approve chapters of of President Javier Milei's Omnibus reform bill as the gov't seeks to pass what would be the first major legislative package since Milei came to office. Earlier in the day the lower house approvedthe Omnibus or 'Basic Law' reformas a wholeby a margin of 142-106, with the chamber now voting on each major chapter separately. The opposition had sought to vote on each article of the reform separately, but in something of a victory for his libertarian La Libertad Avanza (LLA), these are being grouped together in chapters.

  • In order to get the Basic Law through the Chamber, where LLA and its allies sit as a minority, a number of more contentious issues were junked.
  • Even if each chapter of the package passes the Chamber it still has to go through the Senate where Milei's LLA, its conservative PRO allies and a number of independent parties backing the gov't are even less assured of securing a majority.
  • Milei faces a crucial few weeks as he seeks to avoid a general strikecalled by the powerful CGT union for 9 May. He is also looking to secure the support of provincial governors for his so-called 'May Pact'. Milei has promoted the Pact as a set of 10 social objectives including, "[protecting the] inviolability of private property; [a] non-negotiable fiscal balance; the reduction of public expenditure to historical levels (25% of the Gross Domestic Product); a reform to reduce the tax burden..."
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The Argentinian Chamber of Deputies is currently voting to approve chapters of of President Javier Milei's Omnibus reform bill as the gov't seeks to pass what would be the first major legislative package since Milei came to office. Earlier in the day the lower house approvedthe Omnibus or 'Basic Law' reformas a wholeby a margin of 142-106, with the chamber now voting on each major chapter separately. The opposition had sought to vote on each article of the reform separately, but in something of a victory for his libertarian La Libertad Avanza (LLA), these are being grouped together in chapters.

  • In order to get the Basic Law through the Chamber, where LLA and its allies sit as a minority, a number of more contentious issues were junked.
  • Even if each chapter of the package passes the Chamber it still has to go through the Senate where Milei's LLA, its conservative PRO allies and a number of independent parties backing the gov't are even less assured of securing a majority.
  • Milei faces a crucial few weeks as he seeks to avoid a general strikecalled by the powerful CGT union for 9 May. He is also looking to secure the support of provincial governors for his so-called 'May Pact'. Milei has promoted the Pact as a set of 10 social objectives including, "[protecting the] inviolability of private property; [a] non-negotiable fiscal balance; the reduction of public expenditure to historical levels (25% of the Gross Domestic Product); a reform to reduce the tax burden..."