Bolivia, 100 days of continuity

By: Hugo Marcelo Balderrama - 22/02/2026

Guest columnist.
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I'll begin this piece with a personal statement: I didn't vote for Rodrigo Paz; in fact, no Bolivian politician has my trust, but I wish him well. The purpose of this writing is not to condemn him, but to encourage reflection, because the future of the country depends on this government succeeding.

The first 100 days of Rodrigo Paz's administration have passed. Contrary to most of his fans and supporters, I believe this is the perfect time to evaluate his performance.

Economically, the measures were very weak and insufficient. In fact, much of the model inherited from the MAS remains in place; for example, forcing the financial system to allocate 6% of its profits to social programs. To put it simply, this means some people's money being given to others by order of the State—a complete contradiction of the capitalist principle of unrestricted respect for private property.

While ending the fuel subsidy was a necessary measure, without a complete liberalization of the sector and with the same personnel from the previous administration, it resulted in lower quality gasoline that is twice as expensive and is now destroying engines across the country.

On this point, the government first denied it, then downplayed it, and finally blamed the aging tanks from the Arce era. Blaming the MAS administration has become a smokescreen to mask its own incompetence. Furthermore, the inefficient and unethical state-owned companies have not been shut down; therefore, the high costs of maintaining them remain in place.

Regarding the drop in country risk, which the government attributes to a success of its economic cabinet, Mauricio Ríos García explains it phenomenally:

The drop in country risk is not Paz's doing either, because it had been steadily declining for the past nine or ten months at the same rate as in the rest of Latin America, and particularly in Argentina, Ecuador, and even Venezuela with Maduro still in power. It's a systemic decline and reflects a global financial cycle—moderate inflation in the United States, the Fed relaxing expectations, falling long-term interest rates, a weaker dollar, and new carry trade operations with emerging market commodities. To make matters worse, the Paz government doesn't know how to interpret this situation, much less take advantage of it, not even with some progress on a new hydrocarbons law.

Let me put it simply: it's a stroke of luck that the government isn't taking advantage of.

In short, things are full of contradictions, since first they say they are performing miracles and, at the same time, they ask for patience.

As for geopolitical orientation, there have been no positive signs either. After initial overtures and flirtations with the United States, relations with Iran, Russia, China, and especially Cuba remain unchanged. This lukewarm approach is taking its toll, as Bolivian Foreign Minister Fernando Aramayo himself confirmed that the government has not been invited to the Summit of the Americas organized by Donald Trump.

In short, Rodrigo Paz is running out of time, and even worse, doors are closing on him. What's the danger in all of this?

Given the loss of Venezuela and the crisis in Cuba, the tepid response of Rodrigo Paz's government is precisely what 21st-century socialism needs to relocate its headquarters from Havana to La Paz. This scenario is highly probable, since Iran and other allies of the Cuban dictatorship have already established training centers in Cochabamba and La Paz. I stand by my statement: one cannot be gradualist in economic matters nor lukewarm in security and geopolitics.

«The opinions published herein are the sole responsibility of its author».