Milei's Draft 2027 Budget Earmarks $3.5B for Navy Submarines and Frigates

Milei's draft 2027 national budget included a plan to reequip the Navy, earmarking roughly $2.3 billion in loans for three conventional submarines and $1.2 billion for two multi-purpose frigates — Argentina's first submarine purchase since the November 2017 loss of the ARA San Juan and its 44-member crew. The proposal must clear a Congress where Milei's La Libertad Avanza lacks a majority and will be debated through October alongside the government's 4% growth assumption for next year, amid heightened tensions with the UK over the Falklands and with Chile.