Government desists from using $1.87 bn petrochemical plant to revive the economy

The government informed this Saturday that it would not touch the Bs 13 billion ($1.87 bn) contemplated for the construction of the Propylene and Polypropylene plant to finance the program to reactivate the economy, hit by the coronavirus.

Government Allocated $642 Million in Emergency Health Bonds

In total, the State made more than 9.8 million payments for the Renta Dignidad, the Canasta Familiar and the Universal bonds. Due to the health emergency in the country, the Government allocated Bs 4,439 million ($642 mn) for the granting of bonuses to alleviate the needs of the most vulnerable sectors between 1 April and 26 June.

Productive credit grows up to 6.21% in 2020

Until May, banks lent Bs 83.13 billion ($1.19 bn) in total, for sectors such as manufacturing, construction and agriculture. It represents a growth of 6.21% compared to 2019.

The unemployment rate in Bolivia reaches 7.38%

According to data from the National Statistics Institute (INE), up to April, the rate of the unemployed population in urban areas reached 7.34%, the highest since February 2016 (6.48%). In the micro, small and medium enterprise sector (Mype) some 150,000 business units have gone bankrupt and left more than 500,000 people unemployed. 73% of industrial companies estimate that they will reduce their workforce by 2020, and 49% of factories expect this reduction to be between 11% and 50%. The public administration and social services; agricultural industry, commerce, restaurants and hotels, manufacturing and construction concentrate 84% of workers nationwide.

Tourism revenues fell 2% in 2019 and 7% in the first quarter of 2020

In 2019, tourism income reached $797 million, 2% less than in 2018, equivalent to $19 million, due to the political and social conflicts that stopped the country in October and November. 24% of tourism expenditure was in food and beverages, 17% to internal transportation and 16% to recreation. In the first quarter of 2020, Bolivia registered 7% less international visitor arrivals, compared to the same period in 2019, mainly from China and India by more than 50%; exceptionally there was an increase of visitors from Israel by 54%.

Mining royalties fall by more than 50%

Mining operators in Oruro expressed concern on Thursday after learning that the National Service for Registration and Control of Marketing of Minerals and Metals (SENARECOM) reported that due to the emergency by Covid-19, to date mining royalties fell on average 56% compared to 2019. In January there was a drop of 26%, in February -19%, in March they fell 66%, in April the drop reached 98% and in May -73%.

Entrepreneurs in Potosi predict the closure of 15% of companies

The business community of Potosi expressed today its concern about the effects of the Covid-19 pandemic; the sector estimates that at least 15% of the companies in the department will close their doors and that 35% of the employees will lose their jobs.

The government will inject $ 20.11 mn to convert public transport vehicles to NGV

The Government will inject 140 million bolivianos ($20.11 mn) to reactivate the Incentive Program for the development and sustainability of the energy matrix in the transport sector, which is expected to benefit 72 thousand operators and 5 thousand workshops.

Unemployment rises to 7.3%

The urban unemployment rate in Bolivia rose from 5.8% to 7.3% between March and April as a result of the coronavirus pandemic. The index came out of the monitoring and analysis on the impact of Covid-19 on the national economy.

Government detects illegal timber trade for more than $15 mn

The Forestry and Lands Authority (ABT) revealed the preliminary results of an operation in Cochabamba that reported illegal trade in precious woods valued at more than $15 million.