Bolivia's legislature approves $1.9bn IMF financing

Bolivia's Senate approved about $1.9 billion in International Monetary Fund financing on Friday, completing the measure's passage through the legislature.

It is not yet in force.

The Ministry of Economy and Public Finance said the bill now goes to the executive for promulgation. It authorizes an Extended Fund Facility of up to 1.369 billion Special Drawing Rights, which the ministry values at approximately $1.9 billion.

The funds are intended to strengthen Bolivia's net international reserves and support its balance of payments. Disbursements may be made over as long as 36 months, and each disbursement carries a repayment term of up to 10 years.

The government said approval could help mobilize more than $5 billion in additional financing from the World Bank, the Inter-American Development Bank and other multilateral partners. That larger amount is a government expectation, not financing authorized by this measure.