According to the Argentine news agency Telam on Saturday, the parliament will start considering economic reforms proposed by Javier Milei, the country's new president, on December 26.

This follows as Milei signed a decree regarding 300 reforms aimed at liberalizing the country's economy. However, it still needs to be reviewed by the parliament, which has the ability to veto it.

The reforms set forth have upset quite a large chunk of the population, prompting some Argentines to take to the streets and bang on casserole pots to express anger.

It is worth noting that Milei's far-right Libertad Avanza party only has 40 seats in the 257-member lower house and seven senators out of 72. 

In response to protests, Milei vowed to hand out harsh consequences to those causing public disturbances.

The massive protest in front of Argentina’s Congress against Javier Milei’s new austerity measures. They threatened to strip people’s social benefits if they participated in any protest that blocked a street but people turned out anyways 🇦🇷 pic.twitter.com/3YuL6CWPBf

— Thomas Kennedy (@tomaskenn) December 22, 2023

'Shock' treatment only solution

Latin America's third-biggest economy is suffering from inflation surpassing 160% year-on-year, with 40 percent of Argentinians living in poverty.

Milei took office 10 days ago, after being elected last month, and pledged to curb inflation, but warned that economic "shock" treatment is the only solution for the economy. Some of the suggested changes include the elimination of a law regulating rent and preventing the privatization of state enterprises. 

He announced a "modernization of labor law to facilitate the process of creating real jobs", along with a series of deregulatory measures affecting tourism, satellite internet services, pharmaceuticals, wine production, and foreign trade. 

When he took office, Milei 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. 

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Milei told Argentinians to brace themselves for tough austerity measures as he strives to slash expenditures and reduce triple-digit inflation while operating with empty funds.