Argentine President Alberto Fernandez called for unity on Sunday as protesters marched to the gates of the presidential palace in the capital, criticizing his government for high inflation and huge public debt.
The centre-left Fernandez is facing a growing challenge from the far left wing of the ruling coalition, which wants to increase government spending to reduce high levels of poverty and inflation. Two moderate allies withdrew from his government last month.
Argentina, a major producer of soybeans and corn, is facing inflation of over 60%, huge pressure on the peso and rising gas import costs that are draining already weak foreign exchange reserves. Fernández, in a speech marking the anniversary of Argentina’s independence, called for unity and asked the various factions to work for it. He said the country needs economic accountability as declining foreign exchange reserves and rising global inflation are doing “serious damage” to the local economy. “We must follow the path to fiscal balance and currency stability,” he added. Earlier this year, Argentina struck a $44 billion deal with the International Monetary Fund to replace the failed program reached in 2018. Many accuse the IMF of tightening economic policy.
