The Bolivian government has taken a bold step in response to economic pressures and public unrest by eliminating import tariffs on wheat and oil machinery. This strategic move is aimed at easing financial burdens on citizens and boosting growth in vital sectors.
Economy Minister Marcelo Montenegro highlighted the plan to remove tariffs on oil machinery to enhance biodiesel production using local resources like soybeans and totaí. This initiative is expected to lead to the establishment of new biodiesel plants, each requiring an investment of around $30 million and producing between 40 to 80 million liters annually.
Moreover, the move to reduce dependency on imported diesel and achieve energy self-sufficiency is part of a broader effort to bolster the economy. Minister of Productive Development, Félix Huanca, also announced the temporary elimination of tariffs on wheat imports to stabilize bread prices and secure the local food supply.
President Luis Arce acknowledges the severity of the crisis, attributing it to external pressures such as global conflicts and climate change. These tariff cuts are a crucial part of the government’s strategy to address current economic challenges, promote sustainable practices, and lessen Bolivia’s dependence on foreign goods.