Javier Milei sworn in as president of Argentina

BUENOS AIRES — Javier Milei, a liberal politician and economist, assumed the Argentine presidency on Sunday in a ceremony held at the National Congress in the capital Buenos Aires.

"I swear to God and country …to carry out with loyalty and patriotism the position of president of the Argentine nation," he said as he took the oath of office.

Milei was sworn in inside the National Congress building. The outgoing head of state, Alberto Fernandez, placed the presidential sash and handed the baton of command to Milei, whose term will last for four years until Dec 10,2027. Victoria Villarruel was sworn in as vice-president.

Afterward, he broke tradition by delivering his inaugural address not to assembled lawmakers, but to his supporters gathered outside.

"We don't have alternatives and we don't have time. We don't have a margin for sterile discussions. Our country demands action and immediate action," he said in his inaugural address to supporters.

The supporters lined the streets outside Congress, waving the country's blue and white flag.

"Perhaps it will take us many years to rebuild the country, but maybe this is the beginning of a new era for us," Javier Lobos, a 41-year-old shopkeeper, said.

The ceremony's guests included Ukrainian President Volodymyr Zelensky, Hungarian Prime Minister Viktor Orban and a US delegation.

Later in the day, he took action to make good on one campaign promise, announcing in a post on X that he had signed a decree to slash the number of ministries by half, from 18 to nine, Reuters reported.

Milei and economy chief Luis Caputo are expected to announce a package of economic steps later this week. A more detailed economic plan is likely to be laid out on Tuesday or Wednesday, Reuters reported. The country is faced with high inflation, at over 100 percent.

"It will be crucial for the new administration to quickly revive confidence," economist Gustavo Ber told Reuters, adding that the government needed social and legislative support given the likely economic pain ahead and inflation spiking further.

Agencies - Xinhua