Pacto de Mayo: the roadmap signed with the provinces

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, Decree 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 Decree 617/2024 in the Official Gazette on Jul 17, 2024. verif · Jul 9, 2024 ↗

Who it affects

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

Pact of May: the roadmap signed with the provinces

What changed and who it applies to

Our reading

Where it lands, province by province1

The other rules on this subject22

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