With inflation expected to reach about 200 percent by the end of the year, Milei has pledged to reduce government regulations and payrolls, and allow the privatization of state-run industries as a way to boost exports and investment.

The cutbacks have already drawn protests but Milei has vowed to forge ahead.

“The goal is (to) start on the road to rebuilding our country, return freedom and autonomy to individuals and start to transform the enormous amount of regulations that have blocked, stalled and stopped economic growth,” he said.

Approximately 300 changes announced previously would earmark many government companies for privatization, and loosen protections for renters, employees and shoppers.

The steps include a 50 percent devaluation of the Argentine peso, cuts to energy and transportation subsidies, and the closure of some government ministries. They come amid soaring inflation and rising poverty.

Milei, a 53-year-old economist who rose to fame on television with profanity-laden tirades against what he called the political caste, became president with the support of Argentines disillusioned with the economic crisis.