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Argentina's VP says the IMF hinders growth

STORY: Fernandez de Kirchner, speaking at an event commemorating Revolution Day in Buenos Aires' historic Plaza de Mayo, said the debt is impossible to pay off.

The government's ruling coalition is attempting to shore up support from the IMF and advance payments ahead of October elections.

"If we do not set aside this program ... to develop our own plan for growth and industrialization, it will be impossible to pay for," the vice president said, standing alongside Economy Minister Sergio Massa, who is trying to keep the $44 billion program on track.

She said the original deal was "political" and that the IMF program does not allow the country to distribute wealth.

The South American grains producer has a fraught history with the IMF. The country agreed to a $57 billion program with the Washington-based body in 2018 under former conservative leader Mauricio Macri to stave off economic crisis. That failed and was replaced last year with a deal to refinance the $44 billion in outstanding debt.

Fernandez de Kirchner, 70, a veteran on the left of the ruling Peronist party who served two terms as president between 2007 and 2015, called the original deal "scandalous" and a "scam" last week.

Her speech comes as Massa and his team are negotiating with the IMF to bring forward the disbursement of loans agreed to in 2022. A historic drought has hit grain exports, Argentina's top source of dollars, forcing both sides into talks to potentially revamp the deal.

The government wants faster payouts and easier economic targets as it works to rebuild reserves needed to cover trade costs and future debt repayments.