Javier Milei is the new president of Argentina for the period 2023-2027 after being sworn in before the Legislative Assembly in Congress.

The 53-year libertarian economist received the presidential sash and the baton from his predecessor, Alberto Fernández.

In this context, the new vice-president Victoria Villarruel also took office.

Mr Milei broke with the tradition of giving his first speech to lawmakers, and instead gave it outdoors, from the steps of the Parliament.

In front of thousands of followers, he drew a harsh picture of the situation in which his government is starting, which, according to him, is receiving "the worst economic inheritance in history".

For this reason, Milei asserted, there is no alternative to fiscal downsizing and economic shock since, he insisted, "there is no money".

The President warned that real inflation, if drastic measures were not taken, would reach 15 thousand % per year.

And he anticipated that price increases will continue for two more years, and that in the short term there will be a negative impact on salaries, on economic activity and on poverty.

But he anticipated that the bulk of the axing will fall this time on the State, and not on the private sector.

In addition, he warned the beneficiaries of social plans that they will stop being paid if they block streets to protest.

Mr Milei pointed out that "this will be the final tough period" after which "the light at the end of the tunnel" will be seen.

From a stage set up in front of the Parliament in the style of US presidential inaugurations, Milei declared the beginning of a new era in the country.

For Milei, Argentina must return to the liberal model on which its first Constitution of 1853 was based, and which led the nation to become "the first world power" at the beginning of the 20th century.

It was then, the new President assured, when leaders abandoned "the ideas of freedom" and embraced "collectivism", which, according to Milei, led Argentina to failure.

After finishing his speech, the President was driven in a convertible car to the Casa Rosada along the traditional Avenida de Mayo, where a crowd had also gathered to greet him.

He was accompanied in the car by his sister and main advisor, Karina Milei, and both were escorted by the Grenadiers, the cavalry regiment founded by General San Martin in the early 19th century.

At the Presidential Palace, Milei swore in his cabinet and received the foreign delegations attending the swearing in.

During the afternoon, Milei went out to the historic balcony of the Casa Rosada where he again spoke to his supporters.

In this context, the President declared that "the populist night is over".

At the end of the day, the President walked with his ministers to the Metropolitan Cathedral to attend an inter-religious mass.

The day concluded with a gala performance at the Colón Theater, after which he returned to the hotel in downtown Buenos Aires where he has been staying for weeks.

Milei will reportedly move in the next few days to the Presidential Quinta de Olivos.

The new Head of State announced that he will work from there, instead of the Casa Rosada, in order to save time and start his day earlier.