{
  "title": "Bolivia: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bolivia",
  "publication": "IMF Staff Country Reports, June 2, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/06/02/bolivia-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-567384",
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  "summary": "The 2025 Article IV Consultation discusses that Bolivia's real gross domestic product growth has moderated to 2.1 percent in the first three quarters of 2024, driven by a decline in hydrocarbons production, a slowdown in services activity, and a drop in soy crops and related manufacturing due to “El",
  "sections": [
    {
      "heading": "Economic performance and near-term outlook",
      "content": "- Real gross domestic product growth moderated to 2.1 percent in the first three quarters of 2024.\n- The slowdown was driven by:\n  - a decline in hydrocarbons production,\n  - a slowdown in services activity,\n  - a drop in soy crops and related manufacturing due to “El Niño” effects.\n- The macro-economic outlook under current policies is assessed as unsustainable."
    },
    {
      "heading": "External position and reserves",
      "content": "- Usable foreign exchange reserves are expected to remain close to zero.\n- Even if the central bank is able to liquefy its remaining gold reserves through collateralized borrowing, as envisaged in the 2025 budget, usable reserves would remain close to zero.\n- A range of potential external or domestic shocks could trigger:\n  - capital outflows,\n  - a faster depreciation of the parallel exchange rate,\n  - higher inflation,\n  - reduced growth,\n  - and, ultimately, a disorderly adjustment."
    },
    {
      "heading": "Fiscal outlook and required consolidation",
      "content": "- At the core of any policy plan must be a credible, multi-year fiscal consolidation.\n- Required policy measures include:\n  - a phase out of fuel subsidies,\n  - a lower wage bill,\n  - a rationalization of capital spending."
    },
    {
      "heading": "Structural reforms and competitiveness",
      "content": "- Urgent efforts are needed to:\n  - remove supply-side constraints to growth,\n  - lessen informality,\n  - strengthen governance and regulatory frameworks,\n  - improve public investment management,\n  - foster competitiveness."
    },
    {
      "heading": "Risks and scenarios",
      "content": "- Rising risks of a balance of payments and fiscal crisis under current policies.\n- Potential shock transmission channels highlighted:\n  - capital outflows,\n  - parallel exchange rate depreciation,\n  - inflation acceleration,\n  - output losses,\n  - disorderly macroeconomic adjustment.\n\n---\n\n Content in this bundle\n\n- 1bolea2025002 Print Pdf\n  - 1bolea2025002 Print Pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1bolea2025002 Print Pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 2, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229012669.002",
    "Real gross domestic product growth moderated to 2.1 percent in the first three quarters of 2024.",
    "The slowdown was driven by:",
    "The macro-economic outlook under current policies is assessed as unsustainable.",
    "Usable foreign exchange reserves are expected to remain close to zero.",
    "Even if the central bank is able to liquefy its remaining gold reserves through collateralized borrowing, as envisaged in the 2025 budget, usable reserves would remain close to zero.",
    "A range of potential external or domestic shocks could trigger:",
    "At the core of any policy plan must be a credible, multi-year fiscal consolidation.",
    "Required policy measures include:",
    "Urgent efforts are needed to:",
    "Rising risks of a balance of payments and fiscal crisis under current policies.",
    "Potential shock transmission channels highlighted:",
    "**1bolea2025002 Print Pdf**"
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