Javier Milei wins presidential election of Argentina.

After almost all votes were counted, Mr Milei had won nearly 56% of the votes, ahead of the left-wing candidate, Sergio Massa, with 44%.

A political earthquake has been described as the result of the radical newcomer’s victory.

The move has been welcomed by like-minded politicians such as Donald Trump, who said Mr Milei would “Make Argentina Great Again”.

The former Brazilian president Jair Bolsonaro said that “hope would shine again in South America”.

He has promised drastic changes, including ditching the local currency for the US dollar and “blowing up” the central bank in order to prevent it from printing more money, which he argues causes inflation. He has been dubbed “El Loco” (the madman) by his critics.

Additionally, he has proposed cutting welfare payments and reducing bureaucracy by closing the ministries of culture, women, health, and education.

Following his election win, he promised to privatize YPF, Argentina’s state energy company, and the public broadcasters.

‘Everything that can be put into the hands of the private sector will be put in the hands of the private sector,’ he said. In addition, Mr Milei added that YPF would have to be rebuilt before it could be privatized. There was no indication of how long the process might take.

Moreover, the president-elect announced that public works would be “cut down to zero” and put out to tender to eliminate state spending.

As far as social issues are concerned, he supports loosening gun laws, abolishing abortion, which became legal in Argentina in 2020, and allowing the sale and purchase of human organs.

Milei’s victory comes at a time when annual inflation in Argentina has risen to 143% and 40% of the population lives in poverty.