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  •  Bolivian authorities say growth is due to the Social, Community and Productive Economic Model led by Evo Morales, the nation's president.

    Bolivian authorities say growth is due to the Social, Community and Productive Economic Model led by Evo Morales, the nation's president. | Photo: Twitter: @evoespueblo

Published 17 January 2019

Bolivia has reached historic economic levels, thanks to the administration of the Movement Towards Socialism (MAS) led by President Evo Morales.

Under the administration of President Evo Morales, Bolivia has become a benchmark in the region due to its economic growth and a decrease in external debt, based on a sustainable development economic and political model.

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The minister of economy in Bolivia, Mario Guillen, stated on Wednesday that in 2018 Bolivia managed to decrease its external debt rates under the limits established by the international organizations, that is, below 50 percent of the Gross Domestic Product (GDP).

"I think that these 13 years Bolivia has been an example in the region, we are an economy that grew steadily, in a sustained manner," Guillen said. According to Minister Guillen, Bolivia has been able to maintain economic growth because of the country's diversification, which avoided that the low prices of commodities affected its expansion in recent years.

The official stressed that these achievements are a consequence of the measures implemented in the country with the Social, Community and Productive Economic Model led by President Evo Morales, and Vice-President Alvaro Garcia-Linera.

Adding that thanks to this consolidation, Bolivia can be considered as an example among the countries of South America, due to the "constant and sustained growth" registered by the nation in the last 13 years. The Central Bank of Bolivia (BCB) has indicated that between 2005 and 2018, Bolivia's public external debt fell from 52 percent to 24.8 percent in reference to the national GDP.

"The economic growth is patrimony of the #ProcessOfChange. Since the founding of #Bolivia, we have never been like this. We open new markets and the accredited ambassadors inform us that entrepreneurs from their countries want to invest. All thanks to our stability and legal security."
 

"We are an international benchmark thanks to our struggles and economic growth," describe President Evo Morales on a tweet, after a meeting with the diplomatic corps of the South American country in the Casa Grande Del Pueblo (Big House of The People), the headquarters of the Bolivian government.

The Bolivian minister recalled that previous administrations asked international organizations, such as the International Monetary Fund (IM) or the World Bank (WB), for loans for economic resources just to cover the expenses of the State, which took the debt to around five billion dollars.

Pointing out that now the acquired foreign debt is invested to guarantee and boost the "industrialization of the country, the promotion of productive activity, the construction of roads, among other," tasks that the Bolivian government of the Movement Towards Socialism (MAS) takes on.

According to the minister, the main holders of Bolivias credits are China, with 791.4 million dollars; France, with 144.5 million; and Germany, with 59.8 million dollars.

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