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Argentina disputes IMF suggestion to tighten belt, devalue currency

Xinhua, May 1, 2015 Adjust font size:

Argentina Thursday disputed a recommendation by the International Monetary Fund (IMF) to rein in spending and devalue its currency.

"As long as Cristina Fernandez is president, rest assured there will be nothing of the kind," Cabinet Chief Anibal Fernandez told reporters before entering the government headquarters.

The IMF Wednesday issued an economic outlook report on Latin America that said "Argentina will require a ... mix of tighter macroeconomic policies, a weaker exchange rate, and less macroeconomic distortion to lay the foundation for a return to stability and growth."

"The International Monetary Fund is behaving as it has all along, with policies linked more to a Washington consensus and solutions of this kind," Fernandez said. "It doesn't care about the real situation of the people in the countries they (the policies) refer to."

Like most countries in South America, Argentina's economy has slowed down and is expected to register a 0.3 percent contraction in 2015, the IMF said. Endi