Argentine President Alberto Fernandez and protesters in Buenos Aires pushed back against the International Monetary Fund (IMF) on Thursday amid heightened tensions with the lender as the country faces nearly 109% inflation and dwindling dollar reserves.
The South American grains producer, which has a strained history with the IMF, agreed to a $57 billion program with the Washington-based body in 2018 under former conservative leader Mauricio Macri to stave of economic crisis. That failed and was replaced by a new $44 billion deal last year.
"More than a debt, it's a crime," President Fernandez wrote in a tweet on Thursday, citing a new government auditor report that concluded the original deal had lacked the required impact study and not passed through proper legislative channels. Powerful but divisive Vice President Cristina Fernandez de Kirchner, a previous two-term president, called the original deal "scandalous" and a "scam" of the Argentine people.
"Our worry is that the IMF will meddle in Argentina's own internal issues," said protester Norma Morales, defending government subsidies as essential especially with poverty levels having risen to around 40%.
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