Bolivia

Bolivia prez announces natural gas discovery, promising boon for country

Bolivia's embattled president on Monday announced the discovery of vast natural gas reserves, describing it as the biggest find in nearly two decades that could help the cash-strapped country reverse its falling production. President Luis Arce called the trove just north of the capital a mega field," saying it has some 1.7 trillion cubic metres of gas at a likely market value of $6.8 billion. He said the field named Mayaya X-1 is way to revive the gas industry. That was the engine of robust growth in the early 2000s, a period of booming exports and declining poverty that experts have termed Bolivia's economic miracle. This marks the beginning of a new chapter for the northern sub-Andean region, offering hope of maintaining our country as an important gas exporter, said Arce, who is the alleged target of a military coup attempt last month and the main focus of anger among Bolivians over shortages of fuel and foreign currency. "It's the most important discovery since 2005. In more

Updated On : 16 Jul 2024 | 7:32 AM IST

General accused of leading failed coup wanted to take over: Bolivian prez

Bolivian President Luis Arce said Friday a former general had intended to take over the government and become president in a failed coup, and he denied that the Andean nation was experiencing an economic crisis. In an interview with The Associated Press, the embattled leader denied once again that Wednesday's attack on the government palace was a self-coup designed to garner him political points. I didn't escape, I stayed to defend democracy," Arce said. About ongoing political spats with his one-time ally Evo Morales, Arce said we've been politically attacked by Morales, underscoring a legislative boycott which has hamstrung the government in taking on economic turmoil. Arce washed his hands of claims by family members of the 21 detained by the government who were innocent of attempting a coup, and that they were tricked by the ex-military General Juan Jose Ziga. It's a problem of those who were involved, it's not the government's problem, Arce told the AP.

Updated On : 29 Jun 2024 | 9:29 AM IST

Who is Bolivia's President Arce? Former economist who survived coup attempt

Arce, a former economist known for keeping a low personal profile, was at one time Morales' protege and crafted the economic plan for Morales' successful 2005 presidential run

Updated On : 27 Jun 2024 | 9:51 AM IST

Bolivia coup fails as prez asks people to mobilise against democracy threat

Armored vehicles rammed the doors of Bolivia's government palace Wednesday in an apparent coup attempt against President Luis Arce, but he vowed to stand firm and named a new army commander who ordered troops to stand down. The soldiers later pulled back as supporters of Arce waved Bolivian flags and cheered in a central square. In a video of Arce surrounded by ministers in the palace, the Bolivian leader said: "Here we are, firm in Casa Grande, to confront any coup attempt. We need the Bolivian people to organize. Arce confronted the general commander of the army Juan Jos Ziga, who appeared to be leading the rebellion in the palace hallway, as shown on video on Bolivian television. I am your captain, and I order you to withdraw your soldiers, and I will not allow this insubordination, Arce said. Before entering the government building, Ziga told journalists in the plaza: Surely soon there will be a new Cabinet of ministers; our country, our state cannot go on like this." But, he

Updated On : 27 Jun 2024 | 7:50 AM IST

Bolivia is latest South American nation to use China's yuan for trade

Bolivia is now using the yuan to pay for imports and exports, becoming the latest country in South America to regularly use the Chinese currency in a small but growing challenge to the hegemony of the U.S. dollar for international financial transactions in the region. Between May and July of this year, Bolivia conducted financial operations amounting to 278 million Chinese yuan ($38.7 million), which accounts for 10% of its foreign trade during that period, Economy Minister Marcelo Montenegro said on Thursday. We're already using the yuan. It's a reality and a good start, Montenegro said during a news conference. Banana, zinc, and wood manufacturing exporters are conducting transactions in yuan, as well as importers of vehicles and capital goods. These electronic transactions are carried out through the state-owned Banco Unin. The amount being used in yuan is still relatively small, but it will increase over time, Montenegro said. With these transactions, Bolivia joins other countr