The President of Bolivia rejected the proposals of the IMF, saying it was harmful to the working class. President of Bolivia rejects IMF proposals, says harmful for working class

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 The President of Bolivia rejected the proposals of the IMF, saying it was harmful to the working class.  President of Bolivia rejects IMF proposals, says harmful for working class


President of Bolivia Louis Airse

Highlights

  • Bolivia’s President rejects IMF’s recommendations
  • He called this proposal harmful to the working class.
  • IMF’s proposal was not described as practical in Bolivia

IMF Proposals: Bolivian President Luis Arce has rejected the International Monetary Fund’s (IMF) recommendations aimed at redirecting the country’s economy and reaffirmed the independence and efficacy of the economic model adopted by his government. “Our ‘economic, social, community, productive model’ is sovereign and continues to demonstrate its success in reducing social and economic inequalities,” Ars said in a social media post on Friday.

IMF’s recommendations were not in favor of the government

“That’s why we don’t accept the hashtag IMF’s proposals, which would be harmful to the people, especially the working class,” the president said. In a report released on Thursday, the IMF recommended Bolivia to reevaluate the exchange rate between its national currency and the US dollar, which has remained fuel and government subsidies of some economic sectors since 2011. In response to the report, the Minister of Economy and Public Finance, Marcelo Montenegro, said that the IMF’s recommendations regarding subsidies were contradictory and the government had no plans to follow them.

President dismisses IMF’s formula as outdated

The president dismissed the IMF’s formulas as outdated, saying they were implemented by neo-liberal governments in previous decades, but are no longer viable, especially in Bolivia. Montenegro stated that the stable exchange rate is due to the strength of the national currency, emphasizing that each country should formulate and implement its economic and financial policy in a sovereign manner, free from the IMF.

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