The Bolivian authorities responded on Monday to Moody’s Traders Service’s damaging outlook for the nation, rejecting it and emphasizing Bolivia’s financial stability and progress.

In keeping with Zenón Mamani, the Vice Minister of Price range and Fiscal Accounting, Moody’s outlook fails to contemplate a number of optimistic macroeconomic components contributing to the nation’s stability.

Mamani highlighted Bolivia’s financial progress, which noticed a outstanding shift from -8.7 p.c in 2020 to six.1 p.c in 2021 and three.5 p.c in 2022.

Moreover, the nation is projected by the World Financial institution to have one of many high three progress charges within the area, reaching 2.5 p.c this 12 months.

He expressed remorse that Moody’s didn’t take into account this optimistic outlook.

The official additionally identified Bolivia’s low collected inflation fee of 0.6 p.c as of Could 2023, the bottom in South America, indicating the nation’s skill to manage inflation and preserve stability.

Mamani attributed value stability within the home market to insurance policies relating to hydrocarbon and meals subsidies, which assist preserve steady gasoline costs and shield the buying energy of Bolivian salaries.

Moreover, he emphasised the progress in implementing tasks initiated in earlier administrations, which is able to generate revenue and international forex for the nation.

He talked about the discount of liquidity stress on Web Worldwide Reserves (NIR) by means of the enactment of Legislation 1503 for the Buy of Gold and the optimistic variation anticipated in NIR on account of elevated exports of assorted merchandise.

Regardless of Moody’s damaging outlook, Bolivia stays assured in its financial stability and ongoing progress, backed by favorable macroeconomic indicators and promising prospects for the longer term.