On Sunday, Milei was officially sworn in, succeeding the Peronist leader Alberto Fernandez, whose government was dogged by failures to curb rampant inflation that is now almost reaching 200 per cent.

In his maiden speech, Milei said his focus is on trimming state expenditure rather than burdening the private sector, aiming to stabilise the economy and appease investors.

"If a country is lacking in reputation, as is unfortunately the case with Argentine, business will not invest until they see a fiscal readjustment, bringing it down," he said.

"And no less important, for gradualism it is necessary that there is financing. And unfortunately I have to tell you again that there is no money."