Argentina's growing isolation from the world economy deepened today , with a top government official calling the IMF's advice on its troubled economy "offensive" and demanding more time to end a brutal recession.
Fresh from another wave of massive street protests this week as the weary nation digests a currency devaluation of nearly 30 per cent, Vice Economy Minister Mr Jorge Todesca lashed out at the International Monetary Fund, which called for a more coherent policy yesterday.
Mr Todesca said Argentina's new populist government was still trying to put together an economic plan that could win back support from the IMF and others who have turned their back on Latin America's third-largest economy in recent weeks as its long financial crisis spiraled out of control.
"Frankly, we don't need the IMF to be telling us every two minutes what course we should take when we've only been at this for seven days," Mr Todesca said. "They're doing it from 10,000 kilometers away and without much knowledge of the situation."
IMF spokesman Mr Francisco Baker declined to comment on Mr Todesca's statements.
Foreign companies, banks and governments have voiced their concern in the last few days as new President Eduardo Duhalde, Argentina's fifth leader in the last month, has opted for policies widely seen as protectionist to end the slump.
Last month the IMF froze $1.3 billion in desperately needed aid after a previous government failed to control chronic government overspending. Since then, top IMF officials have reiterated that Argentina needs to implement new policies.
Argentina is mired in a four-year recession that has forced it to default on part of its $141 billion public debt and abandon its decade-old currency peg, which made one peso equal to one US dollar.