It mirrors the public mood surrounding the rallies that propelled Javier Milei to Argentina’s presidency. The formation of the new government has become a single, puzzling story in the last hours: some appointees kept their posts while others who were not expected suddenly surfaced in the ministerial lineup. Milei, the leader of La Libertad Avanza, had planned a trip to the United States but postponed it amid uncertainty about the cabinet’s final shape. Several major questions remain unresolved, most notably who will assume the crucial role of Minister of Economy, even as the rest of the cabinet begins to take shape.
Patricia Bullrich remains a constant in the unfolding cabinet narrative. The former presidential candidate from Together for Change (JxC) is returning to a government role that she previously held from 2015 to 2019 under Mauricio Macri. Her first taste of ministry came two decades ago, when she led the Ministry of Labor from 1999 to 2001 in Fernando de la Rúa’s government. Bullrich had hinted days earlier that she might be offered this position, and the prediction proved accurate. During the campaign, Bullrich and Milei exchanged sharp exchanges, yet after the first round the animosity cooled, and Milei finished in third place. Faced with the new post, the former candidate voiced support for the far-right movement, citing a duty not to remain neutral in the face of Sergio Massa’s return, a symbol of Peronist continuity.
Speculation around the Ministry of Economy intensified with Milei’s stance on ending inflation and reshaping fiscal policy, including the potential elimination of the Central Bank and a push toward dollarization. If those plans proceed as hoped, the ministry could go to Luis “Toto” Caputo, who previously served as Minister of Finance and led the Central Bank during Mauricio Macri’s presidency. In early discussions, the cabinet was said to have offered the role to what some refer to as the “Messi of finance.” Milei told a television audience on Wednesday night that Caputo is undeniably capable, though no formal confirmation had yet been issued. The possibility of Caputo taking on the economy portfolio added another layer of intrigue to the appointment process, particularly given Milei’s and Caputo’s past policy disagreements over IOUs known as Leliqs.
The drama deepened when Caputo’s name appeared on the public stage, signaling that he had been quietly shaping the transition with La Libertad Avanza for months. At the same time, Emilio Ocampo, who advocated for dollarization and the shutdown of the Central Bank, publicly aligned with Milei during the campaign. Milei floated the idea of heading the central institution to quell inflation, but after learning Caputo might hold the economy post, he stepped back, citing a lack of consensus on how to handle IOUs.
On the other hand, the president-elect’s office confirmed the appointment of Horacio Marín as YPF president and chief executive officer. Marín, a chemical engineer by training, has previously led Exploration and Production at Tecpetrol and will oversee the privatization strategy for the state-controlled oil company, which currently holds a slight majority in public hands.
New and familiar faces in the leadership team
Beyond Bullrich’s confirmed portfolio, six additional ministries will be led by a mix of new entrants and seasoned officials who have previously run Argentinian departments. Nicolás Posse is set to become chief of staff for Milei, a longtime confidant who has known the libertarian leader since their collaboration on the private sector project “Aconcagua Bio-ocean Corridor,” intended to link the Atlantic and Pacific oceans via a high-tech railway through the Andes. The Interior Ministry is slated to be headed by economist Guillermo Francos, a former director-general of the Inter-American Development Bank who served Argentina during Alberto Fernández’s government.
Guillermo Ferraro is named the new Minister of Infrastructure. His resume includes leading Banco Bisel and serving on the boards of Banco de Entre Ríos and Suquía; he also held roles at Nación Servicios during Néstor Kirchner’s presidency from 2005 to 2007 and contributed to the Ministry of Industry during the Eduardo Duhalde administration (2002–2003).
Journalist and former Ucedé vice president Sandra Pettovello will head the new Human Capital ministry, which will unify Education, Health, Labor, and Social Development under one umbrella. As part of the ANSES framework, economist Osvaldo Giordano, rather than Carolina Píparo, is slated to lead the agency. Giordano has a background as a professor at the National University of Córdoba, a former Undersecretary of Employment under Domingo Cavallo in the early 1990s, and a long history as a consultant at the Inter-American Development Bank from 1992 to 2014.
Additional appointments include Diana Mondino to manage foreign affairs. Mondino has held leadership positions at Pampa Energía, Banco Supervielle, and Bodegas Bianchi, among others. Mariano Cúneo will lead the Ministry of Justicia, known for representing Amira Yoma, sister-in-law of former president Carlos Menem, during the Yomagate scandal. The National Scientific and Technical Research Council will see Daniel Salamone, a principal investigator and full member of the National Academy of Agriculture and Veterinary Medicine, take the helm as president. Finally, Leonardo Cifelli is named minister of culture, bringing experience as a producer of musical and theatrical performances and a former chief of staff at the Buenos Aires Ministry of Culture (2016–2017).