OTTAWA (AP) -- Keep doing what you're doing, but work with the International Monetary Fund to do it better.
That's what finance ministers of the world's industrial powers told Argentina Friday as the debt-wracked South American country embarked on its latest reform package to ease an economic crisis that has toppled several governments and sparked rioting.
Argentine President Eduardo Duhalde on Friday unveiled a sweeping plan to scale back political spending, and the government also pledged to free the peso from its fixed rate against the U.S. dollar on Monday.
The IMF has sought both steps, and further reforms, from Argentina in return for up to $25 billion in new loans to help soothe the crisis.
"There is a recognition that Argentina has taken some important steps, but obviously much more remains to be done," Canadian Finance Minister Paul Martin said. "We encourage Argentina to work very closely with the IMF on the development of a plan for a sustainable economy, and we stand ready to support Argentina in their discussions with the IMF."
Spanish Finance Minister Rodrigo Rato, who heads the EU delegation, said the outline of Duhalde's program was correct "but there still is a lot to do."
Brainerd Dispatch ©2013. All Rights Reserved.