Bolivia & Mexico: Wealthy Countries Must Reactivate World Economy

International organizations and the world’s richest countries must assume joint responsibility to activate the economy of poor and developing countries which have been devastated in the wake of the COVID-19 pandemic, according to Bolivia’s President Luis Arce and Mexico’s leftist government.

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The Foreign Minister of Mexico, Marcelo Embrard, agreed with the proposal of the Bolivian president who has raised the suggestion in international forums.

“We agree (with Bolivia), now in the post-pandemic we are even planning a special assembly of the United Nations so that the richest countries assume joint responsibility for others, to guarantee an economic reactivation and well-being, because the pandemic is going to leave us with an increase in inequality and a regression in many ways,” said Embrard, at the International Virtual Seminar on Public Policies for a Social Transformation in the Post-pandemic Era.

"Following the coronavirus that has affected our countries and the entire world, we see the way in which our lives are being transformed is changing and how political leaders must make decisions at the local, national and global levels," said Arce.

The former Economic Minister under Evo Morales became known for leading a successful economic model which reduced extreme poverty in Bolivia by more than 50% in just one decade.

"We are facing the post-pandemic, reincorporating our economic, social, community and productive model that has been created by us Bolivians to confront the capitalist system and that brought a lot of pain and poverty," said Arce, at the seminar.

He intends to impose a system in Bolivia in which the state will redistribute economic income and stimulate domestic demand by generating income from natural resources.

In recent months, Luis Arce has attended various international forums and seminars where economist and political experts debated the measures and policies that should be used to support the most vulnerable countries.