IMF says Bolivia should replace fuel subsidies with cash transfers

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The International Monetary Fund said on Wednesday that Bolivia should cut its vast fuel subsidies and instead spend part of those funds on cash transfers for its poorest citizens, as part of a broader fiscal adjustment program.

The IMF added that Bolivia’s current fuel subsidies are expected to cost the Andean nation about 3.7% of its national gross domestic product in 2022. (Reporting by Marcelo Rochabrun; Editing by Christian Schmollinger)