The party of Argentina’s far-right president, Javier Milei, has won Sunday’s midterm elections after a campaign in which Donald Trump announced a $40bn bailout for the country and made continued aid conditional on the victory of his Argentinian counterpart.

With more than 95% of ballots counted, La Libertad Avanza secured 40.84% of the nationwide vote, in an election widely seen as a de facto referendum on the self-styled anarcho-capitalist’s nearly two years in power. The Peronist opposition, Fuerza Patria, secured 31.67%.

While the result falls short of giving Milei a congressional majority – which remains with the Peronists – it has surprised Argentinian analysts, given the recent blows to the libertarian’s popularity from corruption allegations involving his sister to the current economic crisis.

Although voting is compulsory, turnout was the lowest since the return to democracy in 1983, at 67.85%, surpassing the previous record low of 71% set in 2021.