3/12/2025 FTS 00.30 In Bolivia, president Rodrigo Paz caused alarm when he announced that the money contributed by workers for the payment of retirement pensions did not exist. However, the government itself played down the alarm by announcing that these payments are guaranteed. teleSUR
These and more stories now!
🌐Join teleSUR's community and be part of a space where your ideas matter. https://chat.whatsapp.com/KLABTE41aSj3ioYabXQQ6K 🗣 Don't be left behind, join teleSUR's Channel https://whatsapp.com/channel/0029Va98Z437Noa2tjytCt1N Web💬 https://www.telesurenglish.net/ X🧶 https://twitter.com/telesurenglish Instagram 📸 https://www.instagram.com/telesurenglish/?hl=es Facebook 📱 https://www.facebook.com/teleSUREnglishOfficial Youtube ⏯ https://www.youtube.com/channel/UCmuTmpLY35O3csvhyA6vrkg Tiktok👌🏼 https://www.tiktok.com/@telesurenglish?_t=8hMLCY0a6z7&_r=1
00:00We go now to Bolivia. President Rodrigo Paz caused alarm when he announced that the money contributed by workers for the payment of retirement pensions did not exist.
00:10However, the government itself laid down the alarm by announcing that these payments are guaranteed.
00:15Our correspondent, Fred Morales, gives us the details.
00:17The president, at a press conference, implied that the public agency that administers the pension funds contributed by workers for their retirement, had been embezzled.
00:33If there are colleagues in this room who are contributors, their contributions are not in the administration, they spent them.
00:39Am I going to say that there are contributions? No, there are no contributions.
00:42Given the seriousness of the presidential announcement, the finance minister came out to put it into perspective, promising that the public administration has the money to pay pensions and carry out the work that the institution is obligated to do.
01:01Pension payments are absolutely guaranteed. Pensions, retirement benefits, and insurance policies managed by the jester will continue to be paid without any problems.
01:09According to economic analysts, the alarm raised by President Paz is false, because the management company generated millions in profits this year, and the default rate on its investments fell from zero, 53 percent to zero, 45 percent.
01:27It's 198.353 billion bolivianos. We're talking about more than $28 billion that the management company has collected.
01:40Now, how much have the management company's profits grown in relation to the pension fund administrators, up to August 2025, 4.36?
01:47With the pension fund administrators, we had 2.02, meaning that it has doubled the FPs and generated higher profits.
02:00So, if Paz tells us that there is no money in the management company, he is lying to us.
02:04The finance minister's version was also refuted. To justify the president's version, he said that previous governments used the agency as a petty cash fund and used that money to finance the fiscal deficit.
02:22It is not just about taking money from the management company. If it lends you money this year, the only credit and loan that the agency has made to the state in recent times has been the sovereign bonds it has made through the Central Bank of Bolivia.
02:35There can be no more than that. It's not like you can just say, hey, manager, lend me some money, and the manager gives it to you without a second thought.
02:43But, there has to be a whole process. The manager has to sell bonds or buy bonds in order to finance the state.
02:52Since it took office three weeks ago, the new center-right government has been insistently denouncing alleged million-dollar embezzlement, theft, corruption, and other misappropriations by its predecessors,
03:07while delaying measures to solve the economic crisis caused by the shortage of dollars. The only economic measures adopted are the cancellation of for taxes on the rich.
Be the first to comment