Government proposes a 0.67% increase for the National Minimum Wage 2021

The Government proposes a salary increase of only 0.67% for the National Minimum Wage for 2021, arguing that the objective is to restore the purchasing power of the working class that receives the national minimum wage and guarantee labour stability.

IGF collection to date $32.14 mn

The number of people registered for the Large Fortunes Tax (IGF) reached 203 individuals, and 224.1 million Bolivianos (32.14 mn) were collected, informed yesterday by the National Tax Service (SIN). The deadline for registration and payment is this Friday, April 30.

Government targets 94.6% coverage in the electricity sector

The government's priority is to reach 94.6% national coverage in the electricity sector this year, mainly with projects in rural areas. The National Electrification Company (ENDE) has a budget of Bs 4,63 billion ($664.56 mn) to undertake investments.

Government affirms that foreign debt is equivalent to 31% of GDP and is sustainable

The Government informed yesterday that the sustainability of Bolivia's public debt is guaranteed and rejected the claims of Fundación Jubileo regarding the alleged unsustainability of the public debt (external and internal), which would have exceeded 50% of the Gross Domestic Product (GDP).

Rescheduled loans increase by 64%

As part of the grace period, the rescheduled outstanding portfolio of financial institutions increased to $1.37 billion, which implies a 64% growth between February 2020 and February 2021.

A possible economic damage of $1.2 mn to YPFB revealed

An investigation conducted by the Corporate Transparency Department of Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) revealed irregular actions in the state oil company and its subsidiaries non-transparent management of $1.2 million for a Social Plan for the Prevention and Control of Coronavirus Contagions.

Bill proposes that the basis for the return of AFP contributions by 15%

There is still no definition, but the basis for the return of contributions to the Pension Fund Administrators (AFP) would be 15%, informed the president of the Chamber of Deputies.

YPFB expects to increase its revenues by 35% in 2021

Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) informed that the state-owned company would increase oil revenues this year, and its income will grow by 35 per cent compared to last year. The oil income will reach more than 1.9 billion dollars; Bolivia will use the resources to reactivate our economy by allocating the Direct Tax on Hydrocarbons (IDH), royalties, and other taxes YPFB contributes.

The insurance sector goes digital, and health policy sales increase 14%

Health and death insurance sales increased by 11 and 14 per cent in 2020 due to the Covid-19 pandemic; however, insurers must perform greater control during the sale of policies in the face of increased risk. Life insurance sales represent 49 per cent of the total insurance business.

Public debt exceeds 50% of GDP

Bolivia's total public debt (external and internal), with final data for 2020, exceeded 50% of Gross Domestic Product (GDP), which is a sign of the unsustainability of public finances and indebtedness. Up to December 2020, the external debt balance reached $12.17 billion.