Argentina has elected right-wing libertarian Javier Milei as its president, aiming to rescue the country from triple-digit inflation, a recession, and rising poverty.

Milei won 56% against Sergio Massa’s 44%, who conceded.

He promises economic shock therapy and plans to close the central bank, abandon the peso, and cut spending.

Despite facing challenges such as empty government and central bank coffers, a $44 billion IMF debt program, inflation exceeding 150%, and a complex of capital controls, Milei’s victory has changed Argentina’s political and economic environment and may affect grain, lithium, and hydrocarbon commerce.