Latest news with #LuisArce
UPI
2 days ago
- Business
- UPI
Bolivia marks bicentennial amid deepest political, economic crisis
Amid a a variety of national problems, Bolivian President Luis Arce arrives at the bicentennial commemorations of the country's independence in Sucre on Wednesday. Photo by Gabriel Marquez/EPA Aug. 7 (UPI) -- Bolivia marked 200 years as a republic this week, but the atmosphere was far from festive. A deep political crisis, collapsing international reserves, shortages of fuel and U.S. dollars, and a complete rupture within the ruling party overshadowed the bicentennial celebrations. With less than two weeks until the Aug. 17 general election, the ruling Movement for Socialism, or MAS, party -- dominant for the past 20 years -- lacks a unifying candidate. Meanwhile, the opposition, led by businessman Samuel Doria Medina, has capitalized on the crisis and now leads in the polls, though his support remains under 20%. During official celebrations on Wednesday, President Luis Arce avoided any mention of the institutional crisis facing the country and instead focused on defending his economic model. His speech sought to link Bolivia's bicentennial with the political project MAS has promoted since 2006, rooted in the popular movement. Arce reaffirmed the principles of a pluralistic economy, the 2006 nationalization of hydrocarbons, state control over strategic resources and the push for industrialization as essential to achieving economic independence in Bolivia. According to a recent report by the Economic Commission for Latin America and the Caribbean, of ECLAC, Bolivia maintains an expansionary fiscal policy, but it is built on unsustainable foundations. One of them is the subsidy on hydrocarbons, which has weakened the government's ability to respond to other social needs. GDP growth is projected at 1.4% in 2025, with a further slowdown to 1.1% expected in 2026. "An expansion insufficient to reduce poverty, create formal employment or sustain public finances," the report warned. ECLAC warned that the policy "has deteriorated public accounts" and that maintaining it "severely limits fiscal space." The problem is compounded by an economy heavily reliant on gas and minerals, with little progress in diversifying production. "Subsidies must be urgently reviewed," the organization said. In 2024, public spending remained high, while fiscal revenue declined due to lower natural gas output and an unfavorable international climate. Bolivia holds one of the world's largest lithium reserves, but production in 2024 reached only 2,000 tons -- far short of the 150,000-ton goal. The industry has struggled to grow amid institutional instability, lack of transparency in international contracts and limited investment. One of the most alarming indicators for analysts is the level of Bolivia's net international reserves. The country ended 2024 with just $1.976 billion -- only $50 million of it in liquid foreign currency. Adding to this is growing social unrest, as sectors including transportation, agribusiness and commerce report fuel shortages, import restrictions and an economy increasingly strained by soaring food prices. Widespread distrust in Bolivia's electoral, judicial and oversight institutions has deepened the perception of a country adrift. To complete the picture, former President Evo Morales -- barred from running again by the Constitutional Court and lacking official party backing -- called from his stronghold in the Tropic of Cochabamba for voters to cast null ballots in the Aug. 17 election. In a message released during the bicentennial, Morales described the null ballot as a "democratic rebellion" and a referendum against what he called a "delegitimized" election, designed to favor the ruling party and preserve an "old elite democracy" that excludes the people. His supporters, including loyal lawmakers, have opened campaign offices in regions such as Santa Cruz and claim null ballots will exceed 60%, warning: "Without Evo, there are no elections."
Leaders
2 days ago
- Sport
- Leaders
Saudi Ambassador Participates in Bolivia's 200th Independence Anniversary
Less than a minute Less than a minute Dr. Faisal Ghulam, Saudi Ambassador to Brazil, represented Saudi Arabia at the bicentennial celebration of the Plurinational State of Bolivia's independence. The commemorative event took place in Sucre, where Bolivian President Luis Arce received dignitaries and representatives from numerous countries and diplomatic missions. Related Topics : Saudi FM Takes Part in GCC Ministerial Meeting in Kuwait ACWA Power signs MoU with Saudi EXIM Bank to cooperate on knowledge sharing SAUDI ARABIAN AIRLINES (SAUDIA) FEATURES 'BORN A KING' FILM ONBOARD FIFA 2025 Club World Cup: First Round Schedule, Live Results & Scorers Short link :
Russia Today
08-07-2025
- Business
- Russia Today
Stop using the US dollar
Countries around the globe should give up on the US dollar and rely on national currencies in trading with each other, Bolivian President Luis Arce told RT on the sidelines of the 17th BRICS summit in Rio de Janeiro. The BRICS members have intensified efforts to reduce their reliance on third-party currencies in bilateral trade after the West froze Moscow's assets, mostly held in dollars and euros, as part of sanctions following the escalation of the Ukraine conflict in February 2022. In his interview with RT on Monday, Arce made it clear that he supports BRICS' policies, saying that as part of 'decoupling' from the US, 'we need as countries in the world… to stop using the US dollar. We have also proposed it.' 'It is better to trade and trust in our own currencies or, at the very least, look for alternative payment mechanisms,' he stressed. The Bolivian leader said that there is currently 'a very clear struggle between the old, declining bloc of the US and Europe versus the emerging bloc of the BRICS countries.' 'We no longer believe that there is dominance by a single country on our planet,' he noted, referring to the US. By obtaining the status of a BRICS partner country this year, Bolivia gained the opportunity to 'access large markets and become part of the bloc that will undoubtedly generate economic benefits for everyone,' Arce said. BRICS, established in 2009, currently includes Brazil, Russia, India, China, South Africa, Egypt, the UAE, Ethiopia, Indonesia and Iran. In early 2025, Bolivia, Belarus, Bolivia, Indonesia, Kazakhstan, Malaysia, Thailand, Uganda, Uganda and Uzbekistan became partners of the bloc. In June, they were joined by Vietnam. On Monday, US President Donald Trump threatened to impose an additional 10% tariff on any country which 'aligns itself' with BRICS, accusing the economic bloc of adopting 'anti-American policies.' In February, Trump declared BRICS 'dead' and warned that its members would face 100% duties if they 'play games with the dollar.' The same day, Russian Finance Minister Anton Siluanov told RT that trading in national currencies has been effective in freeing the BRICS members from Western pressure. Such settlements 'have proven their reliability and independence from Western lending institutions that at any moment, as it turned out, can suspend payments,' he said. Russian Foreign Minister Sergey Lavrov said last year that Russia has been doing 65% of its trade with fellow BRICS countries in national currencies.
Russia Today
07-07-2025
- Politics
- Russia Today
West using conflicts to disrupt BRICS rise
Western states led by the US provoke wars to make profit and preserve a 'decaying' unipolar world order, Bolivian President Luis Arce has told RT. In contrast, BRICS countries represent an emerging, more equal global order, he said. Arce cited the recent Iran-Israel escalation and the Ukraine conflict, alleging that Western officials deliberately exaggerated threats – such as claims that Russia could attack the EU – to provoke fear and justify escalation. 'These claptrap statements that provoked the war between Russia and Ukraine are the same statements that led to mutual attacks between Israel and Iran. They follow the same logic, they want to provoke the BRICS countries to take retaliatory actions,' Arce told RT at the BRICS Summit in Brazil. 'We all understand that wars benefit one country – the US, which is the main supplier of weapons. This sector... stimulates the American economy, which is in decline. The Americans have always sought to unleash wars, because for them it is a way to solve economic problems,' Arce added. He claimed that the US and EU realize they are losing influence and are trying to block emerging power centers. 'The BRICS countries are playing an increasingly important role… There is a clear struggle between the old stagnant bloc of the US and Europe on one side and the emerging bloc of BRICS countries on the other,' the Bolivian leader stated. Arce said his country rejects unipolarity and promotes multilateralism. 'We no longer believe that the planet should be dominated by one country… The fact that more and more countries want to join the BRICS group is a convincing proof that the world embraces the principle of multilateralism,' the Bolivian leader stated. He added that BRICS does not make subordinates of its members, but allows them all to benefit from mutual cooperation. BRICS was founded by Brazil, Russia, India, and China in 2006, and later added South Africa, Egypt, Iran, Ethiopia, the UAE, and Indonesia. At last year's summit in Kazan, the group introduced a 'partner country' status after receiving over 30 membership applications. In their declaration at the Rio summit that started on Sunday, BRICS leaders backed a multipolar world, UN Security Council reform, and fairer global finance. They called for IMF and World Bank reforms, stronger trade among BRICS states, expanded use of local currencies, and alternative payment systems.
Yahoo
22-06-2025
- Politics
- Yahoo
Bolivia's Labor Minister Rodriguez dies, authorities launch probe
(Reuters) -Bolivian Labor Minister Erland Rodriguez Lafuente has died, prompting authorities to open an investigation into the circumstances surrounding his death, the government said on Saturday in a statement shared on social media. President Luis Arce said on Facebook that Rodriguez had always showed his commitment to the Bolivian people. Rodriguez, appointed labor minister in August last year, had previously worked as a lawyer and in the Attorney General's Office.
