Monetary Fund senior officials are in Argentina to urge the government to cut spending in exchange for renewed economic aid.

Buenos Aires is reportedly seeking at least $15 billion in IMF assistance to help replenish dwindling reserves.

But IMF officials say Argentina must develop a plan for sustainable economic growth as a condition for financial aid. The Fund withheld a $1.2 billion loan payment to Argentina last month because it says the government failed to curtail spending.

Years of budget deficits are blamed for Argentina's financial crisis, which has triggered widespread protests across the country.

Argentina is suffering from nearly four years of economic recession and nearly 20 percent unemployment. The government recently defaulted the nation's $141 billion public debt.

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