{
  "title": "IMF Executive Board Approves 36-Month Extended Fund Facility Arrangement for Bolivia",
  "publication": "IMF News, October 2, 2026",
  "sourceUrl": "https://www.imf.org/en/news/articles/2026/10/02/pr26317-bolivia-imf-approves-36-month-eff-arrangement",
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  "summary": "• The IMF Executive Board approved a 36-month arrangement under the Extended Fund Facility for Bolivia, with access of SDR 1.369 billion, or 570 percent of quota, about US$1.9 billion.",
  "publishDate": "2026-10-02",
  "sections": [
    {
      "heading": "Arrangement and financing",
      "content": "- The IMF Executive Board approved a 36-month arrangement under the Extended Fund Facility (EFF) for Bolivia with access of SDR 1.369 billion, or 570 percent of quota, about US$1.9 billion.  \n- The Board's approval allows an immediate disbursement of SDR 156 million (about US$214 million). Subsequent disbursements will be phased over the duration of the arrangement, contingent on the completion of program reviews.  \n- IMF support is expected to catalyze around US$4 billion in additional financing from other international financial institutions."
    },
    {
      "heading": "Program objectives and priorities",
      "content": "- The authorities’ EFF-supported program aims to:\n  - restore macroeconomic stability,\n  - protect vulnerable households,\n  - rebuild international reserves,\n  - reduce fiscal and external vulnerabilities,\n  - strengthen financial sector resilience,\n  - foster sustainable, inclusive, private sector-led growth.\n- The program emphasizes fiscal measures supported by stronger fiscal institutions and more efficient spending to place public debt on a firm downward trajectory while protecting vulnerable households.\n- The program will promote a more flexible exchange rate regime, enhance monetary policy and financial supervision frameworks, and advance reforms to improve governance, transparency, and the business environment to promote private investment and a job-rich recovery."
    },
    {
      "heading": "Fiscal framework and measures",
      "content": "- Fiscal sustainability is identified as the program’s central anchor, while strengthening support to vulnerable households.\n- The frontloaded fiscal effort includes:\n  - phasing out remaining fuel subsidies through an automatic pricing mechanism alongside stronger and better-targeted social protection,\n  - enhancing expenditure efficiency,\n  - addressing arrears,\n  - reforming public enterprises,\n  - strengthening fiscal institutions, including a medium-term fiscal framework anchored in debt reduction."
    },
    {
      "heading": "Monetary policy, exchange rate, and reserves",
      "content": "- Key monetary and exchange rate measures include:\n  - adoption of a market-determined exchange rate,\n  - preserving a credible monetary framework,\n  - elimination of new central bank budget financing,\n  - transition to reserve money targeting,\n  - prudent liquidity management and reserve accumulation,\n  - foreign exchange intervention limited to addressing disorderly market conditions,\n  - reforms to strengthen central bank autonomy, governance, and accountability.\n- Gross international reserves projections (in millions of U.S. dollars): 3,713 (2025), 5,734 (2026), 7,297 (2027)."
    },
    {
      "heading": "Financial sector and governance reforms",
      "content": "- The program supports strengthening financial sector supervision and crisis preparedness, close monitoring of vulnerabilities, and modernizing prudential standards.\n- Reforms to strengthen the anti-money laundering and counter-terrorism financing frameworks are emphasized.\n- The structural reform agenda aims to improve the business environment and governance, reduce market distortions, attract private investment, and promote formal employment.\n- Well-sequenced capacity development and clear communication of program objectives are highlighted as essential to support timely implementation and sustain public support."
    },
    {
      "heading": "Macro-fiscal and external projections (selected figures)",
      "content": "- Real GDP: -1.6 (2025), -3.0 (2026), -1.5 (2027).\n- Nominal GDP: 18.0 (2025), 13.1 (2026), 14.2 (2027).\n- CPI inflation (period average): 19.5 (2025), 12.7 (2026), 15.8 (2027).\n- CPI inflation (end of period): 20.4 (2025), 14.2 (2026), 10.7 (2027).\n- Revenues and grants (percent of GDP): 16.8 (2025), 16.9 (2026), 17.3 (2027).\n- Expenditure (percent of GDP): 28.2 (2025), 26.1 (2026), 24.0 (2027).\n- Primary balance (percent of GDP): -8.8 (2025), -6.5 (2026), -3.0 (2027).\n- Overall balance (net lending/borrowing) (percent of GDP): -11.4 (2025), -9.2 (2026), -6.7 (2027).\n- Total gross NFPS debt (percent of GDP): 83.3 (2025), 100.2 (2026), 95.1 (2027).\n- Current account (percent of GDP): -1.9 (2025), 1.6 (2026), 1.0 (2027).\n- Exports of goods and services (percent of GDP): 16.4 (2025), 25.4 (2026), 30.1 (2027).\n- Imports of goods and services (percent of GDP): 17.6 (2025), 23.2 (2026), 28.2 (2027).\n- Financial account (percent of GDP): -1.8 (2025), 4.6 (2026), 2.1 (2027).\n- Net errors and omissions (percent of GDP): -2.3 (2025), 0.0 (2026), 0.0 (2027).\n- Terms of trade index (percent change): 1.2 (2025), 0.1 (2026), -0.8 (2027).\n- Credit to the private sector (percentage change): 3.1 (2025), 4.0 (2026), 7.3 (2027).\n- Broad money (IMF definition): 57.6 (2025), 54.6 (2026), 51.6 (2027)."
    },
    {
      "heading": "Selected socio-economic indicators",
      "content": "- Population (millions, 2024): 37.7.\n- Adult literacy rate (percent, 2024): 96.7.\n- GDP per capita (US$, 2024): 4,483.\n- IMF Quota (SDR, millions): 240.1.\n- Total unemployment rate (2025): (value not provided in source table)."
    }
  ],
  "bullets": [
    "The IMF Executive Board approved a 36-month arrangement under the Extended Fund Facility (EFF) for Bolivia with access of SDR 1.369 billion, or 570 percent of quota, about US$1.9 billion.",
    "The Board's approval allows an immediate disbursement of SDR 156 million (about US$214 million). Subsequent disbursements will be phased over the duration of the arrangement, contingent on the completion of program reviews.",
    "IMF support is expected to catalyze around US$4 billion in additional financing from other international financial institutions.",
    "The authorities’ EFF-supported program aims to:",
    "The program emphasizes fiscal measures supported by stronger fiscal institutions and more efficient spending to place public debt on a firm downward trajectory while protecting vulnerable households.",
    "The program will promote a more flexible exchange rate regime, enhance monetary policy and financial supervision frameworks, and advance reforms to improve governance, transparency, and the business environment to promote private investment and a job-rich recovery.",
    "Fiscal sustainability is identified as the program’s central anchor, while strengthening support to vulnerable households.",
    "The frontloaded fiscal effort includes:",
    "Key monetary and exchange rate measures include:",
    "Gross international reserves projections (in millions of U.S. dollars): 3,713 (2025), 5,734 (2026), 7,297 (2027).",
    "The program supports strengthening financial sector supervision and crisis preparedness, close monitoring of vulnerabilities, and modernizing prudential standards.",
    "Reforms to strengthen the anti-money laundering and counter-terrorism financing frameworks are emphasized.",
    "The structural reform agenda aims to improve the business environment and governance, reduce market distortions, attract private investment, and promote formal employment.",
    "Well-sequenced capacity development and clear communication of program objectives are highlighted as essential to support timely implementation and sustain public support.",
    "Real GDP: -1.6 (2025), -3.0 (2026), -1.5 (2027).",
    "Nominal GDP: 18.0 (2025), 13.1 (2026), 14.2 (2027).",
    "CPI inflation (period average): 19.5 (2025), 12.7 (2026), 15.8 (2027).",
    "CPI inflation (end of period): 20.4 (2025), 14.2 (2026), 10.7 (2027).",
    "Revenues and grants (percent of GDP): 16.8 (2025), 16.9 (2026), 17.3 (2027).",
    "Expenditure (percent of GDP): 28.2 (2025), 26.1 (2026), 24.0 (2027).",
    "Primary balance (percent of GDP): -8.8 (2025), -6.5 (2026), -3.0 (2027).",
    "Overall balance (net lending/borrowing) (percent of GDP): -11.4 (2025), -9.2 (2026), -6.7 (2027).",
    "Total gross NFPS debt (percent of GDP): 83.3 (2025), 100.2 (2026), 95.1 (2027).",
    "Current account (percent of GDP): -1.9 (2025), 1.6 (2026), 1.0 (2027).",
    "Exports of goods and services (percent of GDP): 16.4 (2025), 25.4 (2026), 30.1 (2027).",
    "Imports of goods and services (percent of GDP): 17.6 (2025), 23.2 (2026), 28.2 (2027).",
    "Financial account (percent of GDP): -1.8 (2025), 4.6 (2026), 2.1 (2027).",
    "Net errors and omissions (percent of GDP): -2.3 (2025), 0.0 (2026), 0.0 (2027).",
    "Terms of trade index (percent change): 1.2 (2025), 0.1 (2026), -0.8 (2027).",
    "Credit to the private sector (percentage change): 3.1 (2025), 4.0 (2026), 7.3 (2027).",
    "Broad money (IMF definition): 57.6 (2025), 54.6 (2026), 51.6 (2027).",
    "Population (millions, 2024): 37.7.",
    "Adult literacy rate (percent, 2024): 96.7.",
    "GDP per capita (US$, 2024): 4,483.",
    "IMF Quota (SDR, millions): 240.1.",
    "Total unemployment rate (2025): (value not provided in source table)."
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