Tuesday, November 30, 2021

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Evo Morales highlights 15 years of hydrocarbon nationalization

Evo Morales highlights 15 years of hydrocarbon nationalization

La Paz, May 1 (Prensa Latina) Bolivian Former President Evo Morales celebrated the 15th anniversary of hydrocarbon nationalization in the country, a historic decision that allowed redistribution of oil revenues in social benefit programs.
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‘On #Workers´ Day, we send our admiration to workers. Today, we celebrate 15 years of hydrocarbon nationalization thanks to people’s struggle. We comply with our people and restore dignity to #Bolivia!’, Morales live-tweeted.

Based on the Supreme Decree 28701 ‘Héroes del Chaco on May 1, 2006, natural resources were nationalized and the Yacimientos Petrolifos Fiscales Bolivianos (YPFB) Company was reactivated as the most important business in Bolivia.

Bolivia was able to receive over US$3.8 billion for oil income through May 2019. This revenue benefited local governments, municipalities, domestic programs and projects for health, education, housing, employment, food production, among other sectors.

Bond payment and social income for the benefits of children and young people (Juancito Pinto), single mothers (Juana Azurduy) and the elderly (Renta Dignidad) was possible thanks to the redistribution of wealth promoted by Evo Morales in the attempt to shield the most vulnerable sectors of Bolivian society.

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