The President of Argentina, Javier Mileithis Wednesday ordered the deregulation of the economy through a decree by which it amends or repeals more than 300 regulations, This includes the rental and supply laws, and the labor regime.

“These reforms, of which I have mentioned only 30 out of more than 300, are among those envisaged in the decree,” Milei announced in a speech broadcast on radio and television.

“The goal is to begin the path of rebuilding the country, returning freedom and autonomy to individuals and beginning to dismantle the enormous amount of regulations that have held back, hindered and hindered economic growth in our country.”, he added, surrounded by his cabinet of ministers.

The repeals include rules that prevent the privatization of state-owned companies, such as the oil company YPF or Aerolíneas Argentinas.

The private healthcare system will also be reformed.

Among many measures, the amendment of company law is being considered to allow football clubs to become public limited companies, and satellite internet services are being deregulated to allow the entry of companies such as Starlink, from Elon Musk.

“For the past hundred years, politicians have been busy expanding the power of the state at the expense of the good Argentinians. Our country, which was the leading world power in the 1920s, has been involved in a series of crises over the past hundred years that all have the same origin: the budget deficit.‘, the president justified in his speech.

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Argentina is in a serious economic crisis, with year-on-year inflation exceeding 160% and a poverty rate exceeding 40%.

Milei, who took over as president on December 10, had already presented a major austerity plan last week. which includes the abolition of subsidies for transport and public services, and which paralyzes the construction of state-funded infrastructure works.

The goal is to reduce government spending by the equivalent of 5% of gross domestic product.

The currency was also devalued by more than 50%.

This Wednesday’s announcements were received in several neighborhoods of Buenos Aires protest against pots and pans.

“This news isn’t surprising because it’s nothing Milei didn’t say he was going to do during the campaign. But it is surprising that the measure is taken in this way, with a decree of urgent necessity,” he told the newspaper AFP political scientist Lara Goyburu.

“I think the hope of many of his constituents was that Argentinian institutions would stop these things. And today they may discover that everything that was promised will come to pass,” he added.

The decision comes into effect as soon as it is published in the Government Gazette. However, it must be submitted to Congress within ten days for analysis in a bicameral committee.

It would only become invalid if it is rejected by the Chamber of Deputies and also by the Senate, he explained to the Chamber of Deputies AFP the constitutional lawyer Emiliano Vitaliani.

Milei’s far-right party, La Libertad Avanza, has only 40 of the 257 seats in the elections. Chamber of Deputies and only seven of the 72 seats in the Senate.

The centre-right coalition Together for Change, partly linked to Milei, has 81 deputies and 24 senators.

There are also 26 deputies and eight senators who are dissidents of Peronism or members of provincial parties.

Peronism in the opposition is the first minority in both chambers, with 105 deputies and 33 senators. The Left has five deputies. (JO)