Argentina is working on inflation rates above 60%, heavy pressure on the peso currency, and soaring gas import costs.
Argentine President Alberto Fernandez called for unity on Saturday as protesters in the capital Buenos Aires marched towards the gates of the presidential residence and accused the government of rising inflation and overwhelming government bonds.
Centre-left presidents face growing challenges from the ruling coalition’s radical left, who want more national spending to mitigate high poverty levels and inflation. Has two major medium allies Leaving his cabinet last month.
South American countries, the major producers of soybeans and corn, are tackling inflation of over 60%, heavy pressure on the peso currency, and soaring gas import costs that are already depleting weak foreign exchange reserves.
In a speech commemorating the anniversary of Argentina’s Declaration of Independence, Fernandez called for “unification” and called on various factions to work towards it.
“History tells us that it is the value we have to maintain in the most difficult moments,” he said.
“We must follow the path to a fiscal balance and stabilize the currency.”
After decades of economic crisis, Argentina signed a $ 44 billion debt deal with the International Monetary Fund earlier this year to replace the failed 2018 program. Many have blamed the tightening of the IMF’s economic policies.
Thousands of protesters marched on the streets of Buenos Aires on Saturday afternoon with the banners “Withdrawal from the IMF” and “Out, Fund, Out.”
Marcher criticized the government and demanded that it not pay its debt.
Some governments, including powerful Vice President Cristina Fernandez de Kirchner, have demanded more spending to mitigate the effects of the war on COVID-19 and Ukraine. And it caused protests in a global country like Sri Lanka.
“There is a monumental crisis in our country,” said socialist lawmaker Juan Carlos Giordano, who joined the march. “Argentina is a semi-colonial capitalist in the IMF chain. Today we are here to say that we need a second independence. Argentina is with the IMF, the Spanish Empire of the 21st century. We need to break the relationship. “
A week ago, the Fernandez administration was confused by the sudden resignation of economic minister Martin Guzman, a close ally of the president who led the meeting with the IMF. He was replaced by economist Silvina Batakiss.
Mr. Batakis is seen as closer to the left of the ruling coalition than Mr. Guzman, and talked with the IMF on Friday to stabilize the economy despite concerns over a populist policy shift that dragged bonds and rattled the peso. promised.
“The resignation of the Minister of Economy has shown that there are economic and financial collapses affecting the lives of workers across the nation,” said Marcelo Ramal, a member of the Workers’ Party.
“We have to take into account that there is about 80% to 90% inflation this year and wages don’t rise that fast.”
https://www.aljazeera.com/news/2022/7/10/argentina-president-urges-unity-as-anti-government-protests-build Argentine president urges unity amid rising anti-government protests | Political News