Javier Milei won Argentina’s presidency last month by wielding a roaring chainsaw on the campaign trail to symbolize the slashing he planned for the nation’s government.

On Tuesday, two days after taking office, the self-proclaimed "anarcho-capitalist” unveiled deep spending cuts and a sharp devaluation of Argentina’s currency, carrying the struggling nation of 46 million into a stretch of austerity that he said would bring even more economic pain.

Milei’s government said it would halt new infrastructure projects; lay off recently hired government workers; reduce energy and transportation subsidies for residents; cut payments to Argentina’s 23 provinces; and halve the number of federal ministries, from 18 to nine.