Bolivia’s Reform Agenda Is Moving, but Slowly
President Rodrigo Paz promised to turn the country around, yet he is shying away from his own agenda.
When President Rodrigo Paz declared an “economic, financial, energy, and social emergency” in December, there was little doubt about his diagnosis of Bolivia’s problems. After nearly two decades of economic mismanagement, the country’s international reserves were depleted, and the fiscal deficit was rising. The country faced not just a downturn, but a full-fledged debt crisis and balance-of-payments crisis that merited exceptional measures. Five months later, however, the response has fallen short. The administration pledged a three-part stabilization strategy: fiscal...
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