Javier Milei is the new president of Argentina

(Patria) - Argentina on Sunday elected libertarian outsider Javier Milei as its new president, Reuters reported.

And while official results have not been released, his rival, Peronist Economy Minister Sergio Massa, has already conceded defeat. His candidacy was hampered by the country's worst economic crisis in two decades while he was in charge.

Later, official results showed Milei winning 56 percent and Massa 44 percent of the vote.

Milei promises economic shock therapy. His plans include closing the central bank, abandoning the peso currency, and cutting spending, potentially painful reforms that resonated with voters angry about economic weakness but have stoked fears of austerity for others.

Milei will have to contend with empty government and central bank coffers, a $44 billion debt program with the International Monetary Fund, and inflation approaching 150%.

The new president was particularly popular among young people who grew up watching their country go from one crisis to another. His victory shakes up Argentina's political landscape and economic roadmap and could affect trade in grains, lithium, and hydrocarbons.

Milei has criticized China and Brazil, saying he will not deal with "communists" and advocates for stronger ties with the United States.

The shocking rise of the 53-year-old economist and former TV pundit has been the story of the election, breaking the hegemony of the two main political forces on the left and right, the Peronists and the main conservative bloc Together for Change.

Milei is anti-abortion, advocates for looser gun laws, and called Pope Francis of Argentina a socialist "son of a bitch." He wore a chainsaw as a symbol of his planned cuts but put it aside in recent weeks to improve his moderate image.

After the October first-round election, Milei forged an uneasy alliance with conservatives, which boosted his support. But he faces a highly fragmented Congress, with no single bloc holding a majority, meaning he will have to gain support from other factions to push through legislation. Milei's coalition also lacks a regional governor or mayor.

This could temper some of his more radical proposals. Voters who have suffered for a long time will likely have little patience, and the threat of social unrest is never far away in Argentina.