Argentine chief blasts IMF

BUENOS AIRES, ARGENTINA - A top Argentine official lambasted the International Monetary Fund on Saturday, expressing irritation with the IMF&#39;s monitoring of the country&#39;s economic crisis. <br> <br> Speaking on the radio, Deputy Economy Minister Jorge Todesca said the government was working hard to devise a plan to arrest a devastating 4-year-old recession that has pushed the jobless rate to nearly 20 percent and brought violent street protests. <br> <br> ``Frankly, we don&#39;t need an IMF official telling us every two minutes what course of action we should take,&#39;&#39; Todesca declared.<br> <br> The comments were in response to IMF Deputy Managing Director Anne Krueger telling reporters Friday that the agency did not believe the dual exchange rate system instituted by Argentina&#39;s new populist government could be sustained. <br> <br> The angry talk came amid growing international concern over the direction of Argentine economic policy. Some critics say Argentina is drifting toward greater protectionist policies and away from engagement in the global marketplace. <br> <br> On Friday, the value of the Argentine peso fell more than 39 percent in its first day as a free-floating currency, ending a decade-long link to the U.S. dollar and an era as Latin America&#39;s most stable currency. <br> <br> President Eduardo Duhalde set the peso free Friday as part of a two-tiered exchange rate for a devaluation that the government hopes will help South America&#39;s second-largest economy recover.<br> <br> The government feels the peso&#39;s lower value will boost the economy by making exports cheaper, lowering the cost of investing in Argentina and enticing consumers to buy more local goods as prices for imports rise. <br> <br> The government has set an official rate of 1.40 pesos to the dollar, but it applies mainly to foreign trade and is aimed at limiting hardships on importers and holders of dollar debts. For average citizens, the peso on the open market fell to 1.70 to the dollar. <br> <br> Krueger said an IMF delegation would come to Argentina next week to gather information and offer technical assistance, but she said it was too soon to consider negotiating a new loan. <br> <br> The IMF withheld $1.23 billion in badly needed aid last month after IMF officials decided Argentina wasn&#39;t doing enough to rein in government overspending and put the economy on a sustainable footing. The IMF had lent more than $40 billion to Argentina before pulling the plug. <br> <br> Responding to Krueger&#39;s comments, Todesca charged that the IMF should speak less if it has ``nothing interesting to say.&#39;&#39; At the least, he said, the IMF should let the government work ``for a couple of days to bring the economic and social situation into balance.&#39;&#39; <br> <br> Todesca said Argentine authorities would come up with a plan that satisfies the interests of Argentines.

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