More than 85% of Bolivia's bilateral debt is held by Venezuela

Venezuela has become the main creditor of Bolivia's bilateral debt, which totals USD 410.8 million, according to an official report of the Central Bank of Bolivia released on Tuesday in La Paz.

The balance of Bolivia's bilateral debt with Venezuela by November 31, 2011 was USD 350.6 million, which is 85.34% of Bolivia's total bilateral debt and 10.55% of Bolivia's total debt. The Andean Development Corporation (CAF) is the main creditor of Bolivia's multilateral debt, which amounts to USD 1.29 billion.

Venezuela and the Bolivarian Alliance for the Peoples of Our America (ALBA) granted USD 300 million to the Bolivian project "Bolivia changes, Evo delivers."

Bolivian newspapers highlighted that the government of President Hugo Chávez donated USD 70 million to his close ally Evo Morales in the past five years, DPA reported.

Meanwhile, the Bolivian Institute for Foreign Trade reported that Bolivia's debt with Venezuela rose from USD 32.8 million to USD 410 million since 2006, when Morales took office -a 1,150% increase.

Bolivia's purchases of Venezuelan diesel have boosted the bilateral debt.