(Bloomberg) -- Argentina’s President-elect Javier Milei met with President Alberto Fernandez on Tuesday, beginning a delicate political transition into the new government as the country faces a worsening economic crisis. 

The outgoing president welcomed his successor at the Olivos residence on the outskirts of Buenos Aires for a meeting, according to a statement released by his administration. Teams designated by both leaders will work in different areas to smooth the transition, it said.

The meeting comes less than three weeks before Milei takes office, giving little time for the libertarian economist to present his teams and policies ahead of the Dec. 10 inauguration. While Milei has announced a few cabinet positions already, he has yet to confirm who will be his economy minister, the most influential role in Argentina’s government.

The new government is looking to implement shock measures from its first days in power to stabilize an economy with 143% inflation and a chronic lack of international financing amid expectations of a currency devaluation. Attention will now turn to how Milei implements his most contested policies — including dollarizing the economy and shutting down the central bank — with only a handful of representatives in a fragmented congress and an impatient electorate, with more than 40% of Argentines below the poverty line.

Milei Opens a New Era: What Comes Next in Argentina Policymaking

Economy Minister Sergio Massa, who lost to Milei by almost 12 percentage points in Sunday’s presidential runoff, will stay in his role until Milei takes office despite reports he was stepping down from the post, his press office said yesterday.

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