Bolivia:2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Bolivian Authorities

Author: International Monetary Fund. Western Hemisphere Dept.

2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Bolivian Authorities

Volume/Issue: Volume 2022 Issue 333

Publication date: November 2022

ISBN: 9798400223778

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , U , S , dollar , market exchange rate volatility , staff state , fund staff , Bolivian government , liability positions vis-à-vis nonresident , Public investment spending , Pension spending , International reserves , Public sector , Global , Caribbean , South America

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Summary

Supported by favorable terms-of-trade, the economy has recovered more rapidly than expected and output is now nearing pre-COVID levels, although it is expected to remain below the pre-COVID trend during the next five years. The windfall from higher prices for Bolivia’s exports of food, minerals, and natural gas has bolstered private savings, some of which has been channeled to finance the budget deficit. Despite this, ongoing monetary financing, in the context of the fixed exchange regime, continues to drain international reserves. The inflation rate has been one of the lowest in the region, in large part a result of price controls and increased subsidies for food and energy.