The National Tax Service (SIN) collected up to April 30 Bs 235 million for the Tax on Great Fortunes (IGF) and registered 204 individuals residing in the country and living abroad with a net worth of more than 30 million Bolivianos ($ 4.3 mn) in this new tax category.
The Government admitted that the public debt grew and that it must pay $3.71 billion in 2021, and in 2022 almost $2 trillion. There is a crisis because the amount is high and is above the capacity to use the Net International Reserves (NIR) to honour this debt this year.
The Government plans to invest more than 26 million bolivianos ($3.7 million) this year to execute a total of 61 projects benefiting some 1,533 rural producer families.
Supreme Decree 4501, which establishes a 2% increase in the National Minimum Wage, became fully effective. The document states that the increase is retroactive to January 1 and must be paid by May 31. The amount determined for the National Minimum Wage, in the public and private sectors, is Bs2,164 ($ 310.5). Source: Los Tiempos
After oil revenues fell by 29.6% in 2020, the government expects to reach $1.92 trillion in revenues in 2021 due to a more significant increase in gas production, better oil and natural gas prices, and higher exports to Brazil and Argentina.
The total budget allocated to the Governor's Office of Santa Cruz is Bs 1,306 million ($187.37 million), of which Bs 769.7 million ($110.43 million) will use to cover operating and other expenses of the Governor's Office and Bs 243 million ($34.66 million) will go to investment projects.
As of the first quarter of 2021, Bolivia achieved a trade surplus of $339 million. Total exports of March 2021 reached $2.29 billion, while imports as of March reached $1.95 billion.
Moody's downgraded the rating twice in 2020 from Ba3 to B1 and B2 for deteriorating sovereign credit pricing after assessing Bolivia's economy, fiscal position, and external position. While Bolivia's debt profile incorporates relatively low refinancing risks, the government will face bond payments in 2022 and 2023, totalling $1 billion ($500 million each year), which poses significant challenges given that international reserves currently stand at only $1.96 billion in foreign currency.
The unemployment rate as of February reached 8.93%. The Fundación Milenio estimates that 1,022,249 jobs were lost cumulatively during the year, based on data from Fundempresa, the taxpayer registry of the National Tax Service, the INE's continuous employment survey, which registers an employed population of 5,856,606, and the study of micro and small companies in the areas of industry, commerce and services.
Bolivian gas exports to Argentina grew by 19.10% during the first quarter of 2021 compared to the same period in 2020, according to official information from Yacimientos Petrolíferos Fiscales Bolivianos (YPFB).