The Lower House in Argentina's congress has early on Friday approved a large reform package with extensive deregulations presented by the country's ultra-liberal President Javier Milei, called the Ley de Bases. The proposal received 147 yes-votes and 107 no-votes.
The members of the Lower House also approved a tax proposal that was previously blocked in the Senate, a proposal that by lowering the threshold for who has to pay taxes can generate new tax revenues and help the government achieve its fiscal policy goals.
Argentina's economy is characterized by a rampant inflation, with price increases of 276 percent per annum at present.
The large legislative proposal has been watered down by compromises since it was presented six months ago, as Milei's party does not even have 15 percent of the votes in the Lower House. It was approved by the Lower House in April and has since also received clearance in the Senate, albeit with a narrow margin, after adjustments.
Friday's decision in the Lower House means that the legislation is in place.
