Argentine anti-government protests build as president calls for unity

Argentine President Alberto Fernandez called for unity on Saturday as protesters marched in the capital to the gates of the presidential palace, lambasting his government over soaring inflation and a crushing national debt.

The center-left president is facing a rising challenge from a militant left-wing of the ruling coalition that wants more state spending to ease high poverty levels and inflation. Two key moderate allies have left his Cabinet in the last month.

The South American country, a major producer of soy and corn, is grappling with inflation running at over 60%, huge pressure on the peso currency and spiking gas import costs that are draining already weak foreign currency reserves.

In a speech to mark the anniversary of Argentina's declaration of independence, Fernandez called for "unity" and asked different factions to work towards it.

"History teaches us that it's a value we must preserve in the toughest moments," he said, adding the country needed economic responsibility with low foreign currency reserves and soaring global inflation "seriously damaging" the local economy.

"We must walk the path towards fiscal balance and stabilize the currency."

Argentina, which has cycled through economic crises for decades, struck a $44 billion debt deal with the International Monetary Fund earlier this year to replace a failed 2018 program. Many blame the IMF for tighter economic policies.

In the streets of Buenos Aires thousands of protesters marched on Saturday afternoon with banners saying "breakaway from the IMF" and "Out, Fund, out". Marchers criticized the government and called for debt payments not to be made.

Parts of the government, including powerful Vice President Cristina Fernandez de Kirchner, have called for more spending to alleviate the impact of COVID-19 and of the war in Ukraine, which have lit protests in countries globally such as Sri Lanka.