Official government announcements, news reports

Argentina's Lower House Approves 'Ley Bases' Omnibus Law, Major Win for President Milei's Economic Reforms

Jun 28, 2024, 02:38 PM

Argentina's Lower House has given final approval to the 'Ley Bases,' marking a significant legislative win for President Javier Milei. The Omnibus Law, which includes superpowers for Milei for one year, state reform, and privatization of several state-owned enterprises such as AySa, Trenes Argentinos, Intercargo, and Yacimientos Rio Turbio, was passed with the support of 38 deputies and 7 senators. The law also reinstates income tax and personal asset tax reforms previously rejected by the Senate. Additional measures include RIGI, a mini labor reform, and justified dismissal for blocking. Following the legislative approval, Milei announced that Argentina's monetary policy framework will change and suggested that interest rates will continue to fall. This landmark economic reform comes after months of debate and protests, signaling a radical shift in the country's economic policies.