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LatinNews Regional Monitor: Andean Group - 01 June 2017
Morales agrees wage deal with unions; trumpets growth
At the start of the month President Evo Morales promulgated two decrees – one establishing a 7% general salary increase and the other a 10.8% increase in the national minimum wage for this year. The move followed a deal struck with the Central Obrera Boliviana (COB) umbrella trade union. While the Movimiento al Socialismo (MAS) administration continues to trumpet strong growth, it comes as a recent government report has shown a considerable decline in the profits of Bolivia’s state-owned oil company, Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) – a key contributor to the domestic economy – which Economy Minister Luis Arce attributes to the continued slump in international commodity prices.
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