The U.S. Secretary of State, Marco Rubio, met in New York with the President of Bolivia, Rodrigo Paz, during the High-Level Week of the United Nations General Assembly. The meeting focused on the agreement reached by La Paz with the International Monetary Fund (IMF) and the reforms that the new Bolivian government intends to implement in strategic sectors of the economy.
Rubio described the meeting as “productive” and noted that the relationship between Washington and La Paz is important for Bolivia's plans to obtain financial support from the IMF and advance the reform of the fuel, mining, and energy sectors. The statement represents a political backing from the United States for the economic transformation process driven by Paz.
The agreement with the IMF includes financing of 1.9 billion dollars for Bolivia and is part of a program aimed at addressing the shortage of foreign currency, the deterioration of international reserves, and the high fiscal deficit. The agreement could also facilitate access to more than 5 billion dollars in additional funding from other international financial institutions.
In exchange for the financing, the Bolivian government must implement a stabilization program that includes a reduction of the fiscal deficit, greater monetary discipline, a flexibilization of the exchange rate regime, and reforms aimed at boosting productivity and investment.
