Lower Chamber Argentina approved on Tuesday the privatization of some public companies along with other key chapters of President Javier Milei’s omnibus bill after the measure failed in Congress on its first try nearly three months ago.

Representatives of the House agreed that Miley will expand executive powers on administrative, financial, economic and energy issues, as well as the ability to dismantle dozens of federal special purpose funds – two key points in the original draft, which was rejected in February.

Also authorized the privatization of almost a dozen companiesincluding Aerolíneas Argentinas, public service companies, trains and postal services.

If the plans are supported by the Senate, Miley will have more powers to fire civil servantscut costly subsidies and eliminate costly government agencies to balance the country’s budget.

Labor reform

Miley also won approval for labor reform, which he believes is necessary to encourage companies to hire employees. The proposal will extend the trial period before hiring a full-time worker and would eliminate penalties for companies that try to register informal employers, who make up about half the workforce.

In its original form, Miley intended to privatize 41 companies, including the oil company YPF. Now the bill contains just over 200 articles, which represents a significant failure compared to more than 600 of its first version.

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Miley introduced the general bill in December. When negotiations began, he canceled the most controversial issues of tax increases and privatization. However, lawmakers rejected key parts of the proposal when it was first brought to a vote, prompting the president to order his party to remove it from the lower chamber. (Europe Press)