Buenos Aires [Argentina], October 27 (ANI): Argentine President Javier Milei on Sunday hailed his party's decisive win in the midterm elections as a 'turning point' for the country and pledged to push ahead with his agenda of reducing the size of the state and deregulating the economy.

According to France 24, Milei's La Libertad Avanza (LLA) party bounced back from a series of setbacks to secure 40.84 percent of the votes for congressional seats, leaving opposition parties far behind in an election closely monitored by concerned investors.

'Today we reached a turning point, today begins the construction of a great Argentina,' the 55-year-old president told supporters during a victory rally in Buenos Aires. He added that the country would move forward with what he predicted would be 'the most reformist Congress in Argentina's history.'

Half of the seats in the Chamber of Deputies and one-third of the Senate were contested in Sunday's vote. Milei said LLA had more than tripled its representation, winning 101 seats in the lower house, up from 37, and 20 seats in the Senate, up from six.

The center-left Peronist movement, which has dominated much of Argentina's post-war political landscape, finished second with 31.64 percent of the vote. 'Far more Argentines want to move forward than go backwards,' Milei commented on the opposition's performance.

France 24 reported that the elections marked Milei's first national test since his 2023 victory, when he took office promising to revive Argentina's struggling economy through a series of difficult reforms.

The lead-up to the vote saw a run on the national currency, forcing Milei to seek a bailout from US President Donald Trump, a close ally. The United States pledged $40 billion in aid, though Trump warned Argentines he would not 'be generous' if the election did not go Milei's way.

At the LLA celebration, hundreds of supporters cheered, hugged, chanted, and even shed tears as the results came in.

Voter turnout stood at 67.9 percent, the lowest in a national election in four decades, highlighting widespread disillusionment with the political class.

Buenos Aires province delivered the most unexpected result, with LLA recovering from a defeat in last month's local elections in what had previously been a Peronist stronghold.

Since assuming office in December 2023, Milei, a former television pundit, has cut tens of thousands of public sector jobs, frozen public works, reduced spending on health, education, and pensions, and undertaken extensive deregulation.

His reforms initially pushed millions deeper into poverty but have helped reduce inflation by two-thirds, though economic growth, consumption, and manufacturing remain weak.

Investors began selling the Argentine peso last month amid concerns over Milei's economic policies, prompting intervention from the US Treasury, which has purchased pesos several times to support the currency.

Ahead of the vote, expectations were high that the government could devalue the peso immediately after the elections.

But when asked on Sunday, Economy Minister Luis Caputo said firmly, 'No.' He added, 'Monday is just another day, nothing changes to the economic program or the band system,' referring to the peso-dollar exchange rate band established in April. (ANI)