The mining sector will grow 26% this year and the royalties will reach $US182 million, which will have a positive impact on future investments, stated the Mining Minister, Cesar Navarro.
The second year-end bonus has to be cancelled by 29 March 2019 in the private sector, established the decree 3747 approved by the Bolivian government. Workers who earn up to Bs15,000 ($US2,173.7) will receive the benefit.
15% of the second year-end bonus have to be used to buy national products, established the supreme decree that regulates the payment of the benefit. According to the decree, a mobile wallet system will be established to allow the workers to buy national products, but the will have to provide their mobile numbers. The system will be optional for the private sector but the companies will need to negotiate an optional system with their workers.
Almost three years of signing a contract with the Chinese Sinosteel, Bolivia’s government expects the first disbursement to finance the construction of a steel plant in Mutun. The project was announced in 2016, and it should be funded with a Chinese credit. The Mining Minister announced that in the next days the first disbursement should be in place.
YLB & ACI Systems were created yesterday by the representants of Bolivia and Germany. Through the joint venture agreement, Bolivia will provide the lithium commodity while the German company will provide the technology to create lithium batteries. The operation will only cover 0.4% of the total area of the Salar de Uyuni that reaches 10,000 square kilometres.
UN demanded a preservation to the vote in Bolivia and asked the celebration of free and transparent elections. Without mention, the judgment of the Electoral court that allows President Evo Morales to seek a fourth consecutive term, the UN representant in Bolivia asked for the respect of democratic values in Bolivia. The UN’s pronouncement takes place after 20 presidents of 12 Spanish American nations asked the Organisation of American States (OAS) to adopt measures to condemn and reject the actions that allow Morales to seek a fourth consecutive term. Meanwhile, the Bolivian president affirmed that democracy in Bolivia is stronger than ever.
The political uncertainty in Bolivia is impacting investments, warned an important think tank in Bolivia. According to the Center of Studies for Labor and Agrarian Development (CEDLA), the current pre-electoral uncertainty has already put a brake to economic initiatives in the private sector and it is expected that the trend will continue in 2019, due to the politicised environment in the country.
Bolivia does not need to worry about its financial liquidity. By October 2018 credits in the financial sector reached $US22.2 billion, which means 12% annual growth, said the Banks Association of Bolivia (Asoban). Deposits grew at a slower rate of 6%, to reach $US24.9 billion. Asoban recognised that there is less liquidity in the system but it expressed its confidence that the situation will be reversed.
Bolivia is close to export soybean to China. President Evo Morales authorised the signing of a protocol with China that will allow the shipment of soybean to the Asian country.
The Fund for the Promotion of Investment in Exploration and Hydrocarbon Exploitation (FPIEEH) was left without economic resources as a result of a supreme decree that ordered the transfer of its resources to a different account. This fund was created in 2015 by Law 767 of Promotion for […]