From the Document: "After a year of political instability and more than a decade of tense relations with the United States, Bolivia has a new president who has vowed to work with the Biden Administration. Luis Arce took office in November 2020 after winning 55% of the vote in October 2020 elections in which his Movement Toward Socialism (MAS) party maintained a legislative majority. President Arce is seeking to help Bolivia recover from the Coronavirus Disease 2019 (COVID-19) pandemic and pursuing justice for human rights violations committed in 2019. [...] The COVID-19 pandemic, which had caused more than 18,400 deaths through August 2021, weakened demand for Bolivia's gas exports and pushed the country into a deep recession. The economy shrank by 7.7% in 2020, but the IMF [International Monetary Fund] predicts growth of 5.5% in 2021. Poverty increased, but the government lacked funding for social programs, aside from cash transfers to the poor paid for with a World Bank loan. A wealth tax enacted in December 2020 has raised some revenue, but the Arce government is seeking multilateral debt relief and foreign investment. International financial institutions likely would condition debt relief on fiscal adjustments, which have generated protests and impeded governability elsewhere in the region. As of September 1, 2021, the Bolivian government had fully vaccinated 23% of the population, according to Johns Hopkins University."
CRS In Focus, IF11325
Congressional Research Service: https://crsreports.congress.gov/