new president Javier Milei announces massive deregulation of the economy

The ultraliberal signed a decree intended to modify or repeal more than 300 standards including those on rents, privatizations and labor law.

Argentine President Javier Milei announced massive deregulation of Latin America’s third largest economy on Wednesday, December 20. He signed a decree intended to modify or repeal more than 300 standards, including those on rents, privatizations and labor law. “The goal is to begin the path toward rebuilding the country, returning freedom and autonomy to individuals, and beginning to disarm the enormous amount of regulations that have held back, hindered, and prevented economic growth in our country.”declared the ultraliberal in a speech broadcast on radio and television.

Among the measures announced is the repeal of the law governing rents “so that the real estate market starts functioning smoothly again”, explained Javier Milei, elected in November and who took office on December 10. Laws preventing the privatization of public companies such as the airline Aerolineas Argentinas or the oil group YPF must also be repealed. Public companies will all be transformed into public limited companies with a view to their privatization, said Javier Milei.

The decree must be examined by Parliament

The head of state also announced a “modernization of labor law” to create more jobs, changing the Companies Act so that football clubs can transform into limited companies, and a long series of other deregulation measures in the tourism, health, internet, air transport, pharmacy, viticulture and even commerce.

The decree, published Wednesday at midnight in the Official Journal, must be examined within ten days by a joint commission made up of deputies and senators. It will only be invalidated if it is rejected by both chambers of Parliament, where Javier Milei’s party is in the minority, constitutional lawyer Emiliano Vitaliani told AFP.