Up to 31 December 2020, insurance paid out (claims) amounted to $62.5 million, according to the Bolivian Association of Insurers (ABA). By 2021, this figure could rise to $139.2 million. The ABA estimates that the entire estimated increase of almost $77 million is equivalent to a 124% increase in claims incurred, mainly attributed to the extraordinary COVID-19 deaths.
Day: Feb 8, 2021
China’s Eximbank to lend $396mn to reactivate Mutún project
With an investment of $466 million, the government has resumed operations at the Empresa Siderúrgica del Mutún (ESM), according to the Minister of Mining and Metallurgy, Ramiro Villavicencio. Of this figure, 85% corresponds to a financing from China's Eximbank and 15% to a contribution from the National Treasury (TGN).
Construction registers 2.5% NPL ratio and state debt reaches $291.18 mn
The construction sector recorded an NPL ratio of 2.5% between January and November 2020. In this period, the sector reported a fall of 8.17% due to the low execution of public investment, according to data from the Bolivian Chamber of Construction (Caboco).The decline in the construction sector is also related to state debts to companies in the industry, which amount to at least BS.2 billion ($291.18 million) nationwide.
ECLAC projects Bolivia to grow 5.1% in 2021
Bolivia is among the three economies that will register the highest GDP growth in 2021, according to projections by the Economic Commission for Latin America and the Caribbean (ECLAC). In 2020, the institution projected a 7.7% drop for the region, and by 2021 it expects an average regional growth of 3.7%, led by Peru (9%), Panama (5.5%) and Bolivia (5.1%).
VAT collections registered annual growth of 4.3% in January
Value-added tax (VAT) collections rose 4.3% year-on-year in January, the National Tax Service (SIN) reported.In January 2020, VAT collections amounted to Bs.970.8 million ($141.33 million), while in the same month of 2021, VAT collections reached Bs.1.012 billion ($147.45 million).
