Milei's Liberalization Reforms Get Provisional Green Light

Buenos Aires, (APP - UrduPoint / Pakistan Point News - 1st May, 2024) Argentina's lower house of parliament on Tuesday approved a swath of liberalizing reforms eyed by President Javier Milei, in the first legislative boost to his budget-slashing agenda.

After a marathon session that went right through Monday night, the chamber of deputies approved what remains of Milei's flagship "omnibus" reform bill with 142 votes against 106.

There were five abstentions.

The whittled-down bill includes some 230 articles -- down from the initial 600-plus rejected by lawmakers who sent the government back to the drawing board in February.

The measures include declaring a one-year state of economic emergency in Argentina, allowing Milei to disband state agencies, and privatizing about a dozen public companies including state-owned carrier Aerolineas Argentina.

Others deal with reducing access to minimum retirement allowances and weakening labor protections by allowing for longer probation periods -- slammed by the left-wing opposition as a license to fire workers.

The provisions also envision tax, customs and foreign exchange incentives to encourage investment in the economically crisis-ridden country.

"This is a fundamental first step to get Argentina out of the swamp it has been in," Milei said on X, welcoming the vote.

The bill must next go to the Senate, where the president's party is in an even smaller minority than in the lower house.