Bolivia’s Ministry of Economy and Public Finance

The Ministry of Economy and Public Finance (Ministerio de Economía y Finanzas Públicas – MEFP) of Bolivia is the government ministry responsible for managing the country’s economic policy, public finances, and budgetary affairs. It plays a crucial role in shaping Bolivia’s economic trajectory and ensuring the sustainable development of the nation.

The MEFP’s primary objective is to promote economic growth, stability, and social equity through prudent fiscal management and strategic economic policies. This encompasses a wide range of activities, including formulating the national budget, managing public debt, overseeing tax collection, and coordinating with other government ministries to implement economic development programs.

One of the ministry’s key responsibilities is the preparation and execution of the General State Budget (Presupuesto General del Estado – PGE). The PGE outlines the government’s planned expenditures and revenues for a given fiscal year, allocating resources to various sectors such as education, healthcare, infrastructure, and social programs. The MEFP ensures that the budget is aligned with the government’s development priorities and complies with relevant fiscal regulations.

Taxation is another crucial area under the MEFP’s purview. The ministry is responsible for setting tax policies, administering the tax system, and ensuring that tax revenues are collected efficiently and effectively. This involves combating tax evasion, modernizing tax administration processes, and promoting taxpayer compliance. Revenues generated through taxation are vital for funding public services and infrastructure projects.

Public debt management is also a significant function of the MEFP. The ministry is tasked with managing Bolivia’s public debt portfolio in a responsible and sustainable manner. This includes negotiating loan agreements with international financial institutions, monitoring debt levels, and ensuring that debt obligations are met on time. Prudent debt management is essential for maintaining macroeconomic stability and preventing financial crises.

In addition to its core fiscal responsibilities, the MEFP plays a coordinating role in the implementation of various economic development initiatives. This involves working closely with other government ministries, the private sector, and international organizations to promote investment, innovation, and job creation. The ministry also supports the development of small and medium-sized enterprises (SMEs), which are seen as crucial engines of economic growth.

The MEFP is headed by the Minister of Economy and Public Finance, who is appointed by the President of Bolivia. The Minister is responsible for overseeing all aspects of the ministry’s operations and for advising the President on economic and financial matters. The Ministry is structured into various vice-ministries and directorates, each specializing in a specific area of economic policy or public finance.

The Ministry’s website (available in Spanish) provides detailed information on its activities, policies, and programs. This serves as an important resource for citizens, businesses, and researchers interested in understanding Bolivia’s economic landscape.