Mr Milei, a self-described anarcho-capitalist, has told Argentines that a “shock treatment” is needed to pull the country out of its dire economic crisis, in which 40 per cent of people live in poverty.
He has warned that unless his radical reforms are implemented, Argentina will face “a social catastrophe of biblical proportions”.
Six weeks into his presidency, inflation has reached 211 per cent, the value of the national currency has plunged and gas prices have doubled.
Last week, tens of thousands of Argentines protested to chants of “Milei is not my president” – marking the first nationwide strike of its new Right-wing leader. The average Argentine president makes it through an average of 692 days without a strike, but Mr Milei managed just 45 days.
“These ‘reforms’ disrespect us. Milei is like a monarch, a crazy king – and we are his toy,” Andrea Gontard, a 58-year-old music professor, told The Telegraph during the nationwide protest.
Mr Milei’s original proposal contained more than 650 articles, but in an attempt to gain the support of the opposition – which holds a majority in the lower house – it has since has been whittled down.
Among the most important changes are that state oil and gas company YPF will not be privatised, and the executive will have limited ability to increase export duties.
Mr Milei’s government has also walked back plans to cut public funding of the film industry after a backlash drew the backing of international stars such as Pedro Almodovar, the Spanish director.
Many of the proposals are being challenged in court, with more than 60 lawsuits under way. The labour reforms – which included reducing maternity leave, extending probation periods, and slashing redundancy payments – have been temporarily frozen.