Bolivia's new government proposes 'massive reduction' in spending to tackle economic crisis

Bolivia’s new government unveiled plans for a “massive reduction” in public spending in an effort to stabilize the country, which is facing its worst economic crisis in four decades. The new government, led by President Rodrigo Paz, puts an end to almost 20 years of socialist leadership in Bolivia.

The Bolivian Economy Minister said the president has announced more than $3.1 billion in financing from CAF (Development Bank of Latin America and the Caribbean), of which $550 million will arrive in the coming days. And, the government is working with other international organizations to secure a financing package that will easily exceed $9 billion, for the next three years, he added.