“Standard & Poor’s report on the Bolivian financial system seems to be more interested in damaging than in seeking a constructive critical view, even when its own vision is full of uncertainties. The worst thing is that it is taken as a single truth by detractors of the model,” the expert stated.
Moreira made statements to the national channel Bolivia TV saying that the economy “is a complex issue and always subjected to diverse interpretations and perspectives”. He also expressed that the different visions that are presented must be carefully analyzed, and the real indicators supported by international entities must be taken into consideration.
According to the analyst, the rating agency mentions that the Bolivian economy is slowing down to two percent, however, it does not take into account the report for the first quarter of the current year. “The national economy grew 2.3% in that period, driven by the strength of the domestic market (…). Furthermore, all indicators, from low inflation to reduced unemployment in Bolivia, point towards a projected growth of 4.8%,” he explained.
Moreira stressed that Standard & Poor’s does not seem to recognize the positive impact the financial measures implemented by the national government have had, and reminded that they contributed to the growth of the credit portfolio and deposits, in addition to reducing late payments to 2.96%, one of the lowest rates in the region.
He also highlighted that Bolivia’s banking assets experienced a significant increase from 7,387 million bolivianos (roughly 1,055 million dollars) in 2010, to 23,520 million bolivianos (over 3,360 million US dollars) in August 2023.
Moreira insisted that the rating agency is attempting to discredit a successful economic and financial model, where the priority is supporting Bolivian entrepreneurs and strengthening the national productive apparatus; another important objective of the Bolivian Social Productive Community Economic Model is to provide housing to people who, in previous governments, could not access million-dollar loans with high-interest rates that only benefited certain sectors of the society.
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