Argentina’s President Javier Milei has been granted Italian citizenship while on a state visit to Italy, a spokesperson for Italy’s Foreign Ministry told CNN.

While newfound stability under Javier Milei’s leadership has rekindled investor interest in Argentina, pressing challenges remain.

When libertarian President Javier Milei assumed office one year ago, Argentine supermarkets were marking price increases on an almost daily basis. Middle-class families tried to spend their rapidly depreciating pesos as quickly as they got them, and economists warned the country was teetering on the brink of hyperinflation.

Italy's government has granted citizenship to Argentina's President Javier Milei on account of his Italian family roots, a source with knowledge of the matter said on Friday, confirming earlier media reports.

Argentina’s president received a congratulatory message from Elon Musk for reportedly balancing out the country’s budget and achieving a financial surplus in his first year of leadership. President Milei has also expressed his desire to make his country a central hub for artificial intelligence.

Italy has bestowed Italian citizenship on Argentine President Javier Milei. Milei is eligible for citizenship because of his Italian ancestors, but the news sparked a furor among opposition politicians campaigning for the process to be eased for children born in Italy to migrant parents.

Argentina's libertarian President Javier Milei was informed on Friday during his ongoing visit to Italy that the procedure for him to obtain Italian citizenship has been successfully completed, sources said.