The norm, in detail
Pacto de Mayo: the roadmap signed with the provinces
Act of May (declaration, no law no.) + Council of May by Decreto 617/2024
pendingNATIONAL
State, institutions and security
Milei signed the ten points of the Acta de Mayo on Jul 9, 2024 with 18 governors and CABA; Decreto 617/2024 created the Council that runs them.
What changed and who it applies to
What changed
On July 9, 2024, at the Historic House of Tucumán, President Milei signed with 18 governors and the Head of Government of CABA (Jorge Macri) a 10-point declaration (Act of May): 1) inviolability of private property, 2) non-negotiable fiscal balance, 3) reduction of public spending to ~25% of GDP, 4) modern early, primary and secondary education, 5) a tax reform that reduces the tax burden, 6) rediscussion of federal tax revenue-sharing, 7) exploitation of natural resources, 8) modern labor reform, 9) sustainable pension reform, 10) opening to international trade. It is NOT a rule: it is a political declaration, with no law/decree number or Official Gazette publication. The signed text itself provides for constituting a Council of May (made up of 7 representatives), later implemented by decree (Council of May, Decreto 617/2024). The substantive reforms it promises (labor, pension, tax, revenue-sharing) mostly remain pending enactment as law; that is why the actual status is 'in process' as a reform program, although the signing act was carried out. verif Jul 9, 2024 ↗
In force
The Act of May applies as a political commitment since its signing on Jul 9, 2024. The Council of May, its implementation body, applies from the publication of Decreto 617/2024 in the Official Gazette on Jul 17, 2024. verif Jul 9, 2024 ↗
Are you in or out?
It reaches the national State and the signatory provinces (18 governors + CABA) as a common roadmap of structural reforms. It creates no direct legal obligations on private parties; its impact on investors and companies is indirect, via the reforms it enables (tax, labor, pension, revenue-sharing, natural resources). Absent/non-signatories: opposition governors (Kicillof/Bs As, Quintela/La Rioja, Insfrán/Formosa, Melella/Tierra del Fuego, Ziliotto/La Pampa). verif Jul 9, 2024 ↗
The norm
A political declaration with no binding legal force (the 'Acta de Mayo'), with no law or decree number and no publication in the BO. Its implementing body, the Consejo de Mayo, was created by rule: Decreto 617/2024 (PEN, the national Executive), signed on Jul 16, 2024 and published in the Boletín Oficial on Jul 17, 2024, as a collegiate advisory body within the Jefatura de Gabinete (chair + 6 members: the Executive, the provinces/CABA, the Senate, the Chamber of Deputies, the unions and the business chambers). verif Jul 17, 2024 ↗
Our reading
The Pact of May is the roadmap that organizes the program: it condenses into 10 points what the Executive has been executing (fiscal anchor, deregulation, opening, natural resources) and gives it federal backing with 18 governors. We trust the course holds (R3, rule stability): each point of the Act already has a correlate in rules in force or in progress. What we watch without assuming bad faith by the Executive is the speed of conversion into law: the labor, pension and tax-revenue-sharing reforms (points 5, 6, 8 and 9) depend on Congress and each provincial legislature, and as of June 2026 they remain mostly pending. thesis
Where it lands, province by province1
Catamarca The governor is not among those who declined to sign the May Accord, whose seventh point is the exploitation of natural resources; it is the same administration that joined the federal incentive regime by provincial law with an express reservation of jurisdiction. It matters because the Re.P.E.M. requires a supplier to hold two years of local domicile to qualify, and that registry lives in a secretariat resolution, repealable by another. favorable stability → long-term investment thesis
The other rules on this subject24
Royalties are shared by population, not by where the field isLey provincial 2148 (enacted on 15-Nov-1995)in force
Property shield: expropriating costs more, evicting is fasterBill PE-13/2026 (Message 22/26) — majority committee report in the Senatepending
AySA up for bid: the State sells 90% to a private operatorRes. 704/2026 MECON (Official Gazette, May 15, 2026)in execution
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf a source said it · estim our own calculation · thesis our reading · the date belongs to the datum, at the precision its source allows
Fact sheet built on the published rule, with the gaps declared. Back to the reforms
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