Tens of thousands of Argentines marched through Buenos Aires on Thursday carrying torches, to protest President Mauricio Macri's austerity programme and increased utility rates.

Unions and civil society groups have led opposition to the government's economic programme.

Macri removed subsidies for public utilities and other services in an effort to reduce the country's fiscal deficit. Electricity and gas rates have climbed more than 2,000 per cent since he took office, according to figures published in local media.

With Argentina entering an election year, the economic outlook is bleak with inflation running high and the peso halving its value in 2018 alone.

Marci's reformist agenda failed to arrest the economic crisis in Argentina, leading the government to seek a controversial US$57 billion (€49.5 billion) loan from the International Monetary Fund (IMF).

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