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The Congress of Argentina approves the omnibus law that allows the privatization of some public companies

MADRID, 30 Abr.

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The Congress of Argentina approves the omnibus law that allows the privatization of some public companies

MADRID, 30 Abr. (EUROPA PRESS) -

The Lower House of Argentina has approved the privatization of some public companies along with other key chapters of President Javier Milei's omnibus bill, after this norm had failed in Congress in its first attempt to be approved almost three months ago.

House representatives agreed Tuesday that Milei would expand executive powers in administrative, financial, economic and energy matters, as well as the ability to dissolve dozens of special-purpose federal funds, two key points of his original bill that had been rejected in February.

They have also allowed the privatization of almost a dozen companies, including the airline Aerolíneas Argentinas, public service companies, trains and postal services.

If the plans are backed by the Senate, Milei will have more power to lay off state workers, cut expensive subsidies and eliminate costly government agencies to balance the country's budget.

Milei also obtained the approval of a labor reform that he considers essential to encourage companies to hire. The proposal would extend the trial period before hiring a worker on a full-time contract and eliminate penalties for companies that try to register informal employers, who make up about half of the workforce.

In its original form, Milei intended to privatize 41 companies, including the oil company YPF. The bill now has just over 200 articles, which represents a significant setback compared to the more than 600 in its first version.

Milei presented the general bill in December. As negotiations began, he eliminated the most controversial tax increases and privatizations. Still, lawmakers rejected key articles of the proposal when it was first voted on, prompting the president to order his party to remove it from the lower house floor.