Bolivia Swears in New Finance Minister Amid Economic Criticism

According to sources, Espinoza has been a longtime critic of former President Luis Arce's economic management, and had initially supported businessman Samuel Doria Medina in the first round of elections before joining President Rodrigo Paz's team in the runoff. Since then, he has promoted opening Bolivia to foreign investment under clear and predictable rules. In a statement, Espinoza emphasized the need for economic reform, saying, "We must create a favorable environment for investment, both domestic and foreign, to stimulate economic growth and reduce poverty." He added, "Our goal is to make Bolivia a more attractive destination for investors, while ensuring that the benefits of growth are shared by all Bolivians." Bolivia's economy has been facing significant challenges, with inflation reaching 60% in the past year, and foreign reserves dwindling to just $2.5 billion. The country has also been experiencing shortages of essential goods, including food and medicine. Analysts estimate that the economy will contract by 3.5% this year, making it one of the worst performing economies in the region. Espinoza's appointment has been welcomed by business leaders, who see it as a positive step towards economic reform. "We believe that Espinoza's experience and expertise will be crucial in addressing the country's economic challenges," said Juan Carlos Saldana, president of the Bolivian Chamber of Commerce. "We are confident that he will work to create a more favorable business environment and stimulate economic growth." The Bolivian peso has been under pressure in recent months, losing 20% of its value against the US dollar. The country's benchmark stock index, the IBOLSA, has also fallen by 15% this year. However, analysts believe that Espinoza's appointment could help to stabilize the currency and boost investor confidence. In the coming weeks, Espinoza is expected to present a new economic plan to the Bolivian Congress, which will outline his vision for the country's economic development. The plan is expected to include measures to reduce inflation, increase foreign investment, and stimulate economic growth. As Bolivia's new finance minister, Espinoza faces a daunting task in stabilizing the country's economy. However, his experience and expertise make him a strong candidate to address the country's economic challenges.