Argentine far-right President Javier Milei, 53, was inaugurated on Sunday, telling residents to brace themselves for tough austerity measures as he strives to slash expenditure and reduce triple-digit inflation while operating with empty funds.

Milei beat Economy Minister Sergio Massa in November's presidential runoff elections with 56% compared to Massa’s 44%, with 95% of the votes counted.

The politician has vowed to dollarize the Argentinian economy and has been compared to former US President Donald Trump and former Brazilian President Jair Bolsonaro. He has also been a stark advocate of a friendly foreign policy with the US and "Israel" as well as anti-BRICS sentiments, opting for involvement in the South American trade bloc. 

Earlier in August, Argentina, alongside Egypt, Iran, Ethiopia, UAE, and Saudi Arabia were invited to join BRICS.

Argentinian president Fernandez articulated at the time that Buenos Aires is grappling with an economic crisis with high inflation and weak foreign currency reserves, and was looking to join the bloc. 

He was met with hundreds of supporters who gasped "freedom!" and "chainsaw!" referring to the power tool he carried during the campaign trail to signify budget cutbacks.

"There is no money," Milei declared, pledging to eliminate "decades of decadence" by his predecessors, who he claimed had left him "the worst inheritance" of any previous government.

"The bottom line is that there is no alternative to austerity and there is no alternative to shock treatment. We know that in the short term, the situation will worsen. But then we will see the fruits of our efforts."

Milei, a self-described "anarcho-capitalist," warned of expenditure cutbacks equivalent to 5% of GDP in a country where millions rely on government assistance in the form of subsidies.

Following his address, he addressed the people once again on the Casa Rosada balcony shouting "I am the lion," and chanting his catchphrase "Long live freedom, damn it!"

Milei will later swear in a government of nine ministers, a significant reduction from the present 18. He has stated that his first set of proposals would be submitted to Congress in the coming days.

With few members of his party in Congress, Milei has softened many of his beliefs and collaborated with politicians he previously attacked, including some in his cabinet.

The possibility of closing the Central Bank and dollarization has also faded.

Benjamin Gedan, director of the Argentina Project at the Washington-based Wilson Center expressed that "Milei 2.0 will still face an uphill climb, but he appears to have adopted a more pragmatic agenda and sought the advice of more experienced political figures."