In his first speech as president, Argentina’s new far-right leader has promised to impose “shock treatment” on the economy.

“There is no money” is the warning that Javier Milei gave the Argentine people, and he reiterated his commitment to a policy of strict austerity measures.

With bold promises to revive the failing economy of the South American country, the populist outsider unexpectedly won the November election.

On Sunday, Milei was sworn in in Buenos Aires.

The 53-year-old concluded his incredible ascent to power on a pompous day with a speech that made it clear to the people of Argentina that he intended to take the country on a different economic course than any other president.

With significant budget cuts, he promised to reverse “decades of decadence” and reduce the nation’s massive public debt and inflation, which is currently over 140%.

“The bottom line is that there is no alternative to austerity and there is no alternative to shock treatment,” Milei said.

“We know that in the short term the situation will worsen. But then we will see the fruits of our efforts.”

Milei waved to supporters as he and his sister Karina, a confidante who is anticipated to have a significant role behind the scenes in his new administration, marched to the presidential palace.

From the balcony, he spoke to the throng and shouted campaign slogans. He also received the presidential sash and baton, which he had customised with engravings of his five dogs.

Milei has climbed quickly from relative obscurity to the highest office in Argentina by promoting right-wing policies that include denial of climate change, liberalisation of gun regulations, and restrictions on abortion rights.

Throughout the campaign trail, he was often seen brandishing a chainsaw, and his fearless remarks have drawn comparisons to those of former US President Donald Trump and former Brazilian President Jair Bolsonaro.

He declared throughout the campaign that he would eliminate the central bank and several other government agencies, as well as replace Argentina’s peso with the US dollar.

Although the presidency bestows broad powers, Milei will have to contend with political constraints as he works to address a number of difficult issues.

Argentina’s troubled currency, the peso, is in a long-term freefall, the country’s poverty rate has skyrocketed to 40%, and the economy is in a severe recession, per IMF data.

As the leader of a coalition of small right-wing and libertarian parties with only minority participation in Argentina’s Congress, Milei is expected to encounter resistance.

It is unclear how the newly elected president will actually handle the position, though some observers have noticed a more measured tone since his win was officially announced.

But shortly after taking office, the newly elected president made good on a major campaign promise by signing an executive order cutting the number of departments from 18 to nine.

President of Ukraine Volodymyr Zelensky attended the swearing-in ceremony. He has been meeting with leaders in Latin America to try and get support for his country’s war effort on a worldwide scale.

After the photo of the two embraced, Zelensky informed reporters that they had talked about how Argentina might help Ukraine.

Also there was Viktor Orban, the president of Hungary, to whom Milei has been compared ideologically.

(Adapted from BBC.com)

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