Bolivia's Ministry of Finance says the public pension fund manager invests through public markets rather than lending to the government

Bolivia's Ministry of Finance published remarks by Vice Minister of Pensions and Financial Services Miguel Ángel Ríos disputing media and analyst claims that the Gestora Pública de la Seguridad Social de Largo Plazo is financing the fiscal deficit. He said the entity invests pension assets in publicly offered financial instruments under Pension Law No. 065 and its regulations, rather than extending loans to the government, and that investment decisions are reviewed by the Gestora’s Investment Committee without government intervention. Ríos rejected assertions that more than USD 8.7 billion of workers’ contributions had been directed to the government, stating that investments are made through the securities market and placed via the Bolivian Stock Exchange. He reported that 36.7% of assets are invested in bonds issued by the General Treasury of the Nation and the Central Bank of Bolivia, while 63.3% is placed in the banking and non-banking financial system, private issuers in productive sectors including telecommunications, electricity, hydrocarbons, mining and transport, and in investments abroad. The ministry also reported a 4.4% return in August 2025, compared with an average 2.7% return for private pension fund administrators in their final years in Bolivia, and linked this to the current diversification framework. Ríos contrasted the current regime with the earlier Law 1732, which required pension funds to allocate 75% of assets to the public sector and 25% to the private sector.