Argentina’s new president declares economic emergency

Argentine President Javier Milei has declared a state of emergency in the economic, healthcare and social sectors until December 31, 2025, Report informs referring to TASS.

Milei needed the declaration of a state of emergency to justify passing a package of reforms aimed at liberalizing and deregulating the economy without passing them separately through Congress. In total, the decree contains more than 360 articles, a significant part of which repeals existing laws or makes changes to them.

The decree comes into force from the moment of its publication. At the same time, the government will have to submit it to Congress. A decree can only be repealed if both houses of parliament declare it invalid.