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Milei Reform Bill Clears Key Senate Votes, Fiscal Bill Hits Stumbling Block

ARGENTINA
  • Javier Milei’s sweeping ‘Ley de Bases’ reform bill won general approval in the Senate late Wednesday night by a wafer-thin margin, after the vice president broke a 36-36 tie. In a second round of votes, the Senate approved nine individual chapters of the bill, including sections on labour reform and privatisations.
  • However, after giving initial approval to fiscal bill, the Senate later rejected the income tax provision of that bill. JP Morgan note that the government has demonstrated a willingness to negotiate and made concessions to secure the Omnibus bill’s passage, which represents a watered-down version of the original. Once the voting on individual chapters concludes, the bill will return to the Deputies Chamber for final approval.
    • Overall, the ruling party was forced to allow amendments to the bill to secure its passage. It gave ground on privatisations, removing Aerolíneas Argentinas, Correo Argentino and Radio y Televisión Argentina (RTA) from the list of state firms to be sold off, and powers relating to the dissolution of cultural bodies and institutions.
    • It also allowed changes to a pension moratorium and alterations to foreign exchange rules within its RIGI (Régimen de Incentivo para Grandes Inversiones) scheme designed to attract overseas investors.
    • The government also agreed to include an article that would allow the completion of public works that are 80 percent finished or that have international financing, in a nod to UCR Senator Martín Lousteau, given that it was his express request.
  • Meanwhile, several people were arrested and others hospitalised after protests erupted in Buenos Aires. JP Morgan note that the anti-government protests by small organised groups do not reflect a general deterioration of Milei’s approval rate, which continues to track above 55%.
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