Argentina's president and Buenos Aires' governor, the top officials for the opposing parties, rallied with supporters to close midterm campaigns.

Argentine President Javier Milei faces Sunday's elections to renew Congress with the challenge of securing the largest number of legislators possible to guarantee governability and the approval of key economic reforms, which markets and his main regional partner, the United States, are closely watching.

The midterm elections will be held amid growing social discontent over the stagnation of the economy and the loss of Argentines' purchasing power. At the end of 2023, voters backed Milei, an ultra-liberal who, with his disruptive discourse, had promised to end inflation, relaunch the economy, and eradicate the vices of the traditional political class.

In the elections that will partially renew Congress, Argentines will elect 24 senators and 127 deputies. The governing party, La Libertad Avanza (Freedom Advances), currently holds six seats in the upper house and 37 in the lower house.

The midterm elections will constitute a test of the administration, which has lost momentum in the last three months amid an economic slowdown, a drop in consumption, exchange rate instability, and growing fears that the country may be unable to meet its debts.

In an unprecedented event in Argentina's history, the United States intervened in the unstable local currency market by purchasing pesos and signing a $20 billion currency swap agreement to curb volatility amidst the electoral campaign for Sunday.

"Argentina is fighting for its life... they're dying," Trump said this week when asked by the press about financial assistance to his strategic partner in Latin America, which has drawn criticism in the US during a government shutdown.

However, Trump has conditioned all aid on Milei winning the election against the center-left Peronism led by former president Cristina Fernández (2007-2015), who is currently serving a domiciliary prison sentence and was permanently disqualified from public office due to corruption.

"If he loses, we are not going to be generous with Argentina," Trump said of the aid that was announced in recent days by Treasury Secretary Scott Bessent.

The elections are preceded by the bitter defeat of Milei's party at the hands of Peronism in the September 7 elections to renew the legislature of the province of Buenos Aires, the country's largest electoral district, which renews 35 national deputies on Sunday.

The erosion of social support for Milei has become evident in the last four months despite the deceleration of inflation. Argentines feel that their economic situation has worsened under an austerity plan of a magnitude Argentina hasn't seen in living memory.

The International Monetary Fund (IMF), which approved a $20 billion rescue for the South American country in April, has demanded that Milei gain political support to ensure the implementation of the reforms it has requested.