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(Bloomberg) — Former central bank director and economist José Gabriel Espinoza was sworn in Sunday as Bolivia’s new finance minister, tasked with stabilizing an economy battered by rampant inflation, shortages, and dwindling foreign reserves.
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Espinoza, a longtime critic of former President Luis Arce’s economic management, 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.
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“We want investments to return and Bolivia’s doors open to the world,” Espinoza said Friday at a business summit in Santa Cruz. He pledged legal security and full government support for private contracts, adding, “We want to be trusted partner, not an investment adversary.”
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Other ministers among the 16 appointed include Fernando Hugo Aramayo as foreign affairs minister, José Luis Lupo as presidency minister, and Sergio Mauricio Medinacelli Monroy as hydrocarbons and energy minister, a post he held 20 years ago.
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During the swearing in, Paz said his government will focus on four pillars: positioning Bolivia in the world, promoting “capitalism for everyone” as a production model, reducing the state’s role as an obstacle, and empowering regions. Paz also mentioned a “ministerial restructuring” that he would announce in coming days.
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The Paz administration ends nearly two decades of socialist rule that strengthened state control over strategic sectors such as hydrocarbons and mining. The new government plans to submit bills to Congress in the coming months to modernize regulations in those areas and attract foreign capital.
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Espinoza also vowed to restore fiscal discipline, end central bank financing of government spending, and stabilize the exchange rate based on market demand. The new administration will continue servicing public debt, although future negotiations may include asset swaps, maturity extensions, or currency changes instead of formal rescheduling, Espinoza previously told Bloomberg.
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English (US)