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News > Bolivia

Bolivia's Govt Grants 20% of the Budget to Health and Education

  • President Luis Arce, La Paz, Bolivia, Nov. 20, 2020.

    President Luis Arce, La Paz, Bolivia, Nov. 20, 2020. | Photo: EFE

Published 29 December 2020
Opinion

Bolivian authorities are engaged in achieving greater social justice after the recession left by the coup-born regime led by Jeanine Añez.

Bolivia's President Luis Arce on Monday enacted three laws that will allocate 20 percent of the 2021 budget to the health and education sectors.

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"We are focused on achieving greater social justice after the recession left by the coup-born regime led by Jeanine Añez. Everything is pointing to an economy with better indicators in 2021," Arce said.

On Monday, the government promoted the General State Budget Laws (PGE) 2021, the Great Fortunes Tax Law (IGF), and the Value Added Tax Law (Re-VAT).

"These bills seek to boost local economic development and eliminate the neoliberal model that Añez imposed last year," Economy Minister Marcelo Montenegro explained.

The strengthening of public enterprises is another of the government's purposes for 2021. It will be possible through the IGF Law, which will allow for the allocation of US$70 million to state-owned companies and the granting of credits to Bolivian entrepreneurs.

This 2021, the government will also apply an annual tax to fortunes greater than US$4 million.

"We have already recovered our democracy. Now we will resume the sustained economic growth that we had during the former President Evo Morales' government from 2006 to 2019," Montenegro added.

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