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The de facto government led by Jeanine Áñez for 11 months inherited from Bolivia a foreign and internal debt estimated at 4,900,000,000 dollars, the new president of the South American country, Luis Arce denounced on Sunday.
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Arce promises to rebuild Bolivia after taking over the presidency
In his inauguration speech, Arce, from the Movement to Socialism (MAS), revealed that Áñez’s administration has left the country in a deep economic crisis, with an 11.1% drop in gross domestic product (GDP) , a deficit of 12.1 percent and a deficit of 8.7 percent from the Federal Treasury.
Regarding the debt, Arce specified that “the transitional government has indebted the country in over 4,200 million dollars between internal and external debt, mainly highlights the contraction of the debt with the Central Bank of Bolivia (BCB) for about 1,900 million dollars and 800 million through public auctions of TGN bonds ”.
“In the area of external debt, over $ 1,500 million of foreign credits have been pledged, and to close the year they have planned an additional debt of 4.4 billion Bolivians in the domestic market,” he said.
The new president cited the National Statistics Institute (INE), according to which Bolivia presented in the second quarter of this year the strongest fall in the economy of the last 40 years.
He added that net international reserves fell by $ 881 million between November 2019 and October 2020, as they amount to just $ 5,578,000,000.
“We have before us the great challenge of rebuilding our economy, of generating certainty, of generating growth with income redistribution, of reducing economic and social inequalities, but we are sure that by working together with people we will overcome adversity once again” , concluded the new head of state.
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