Unfreezing loans brings hope to Arce for alleviating the Bolivian crisis.

Gate News bot message, Bloomberg reported that Bolivian President Luis Arce plans to use overseas loans approved by Congress to address severe fuel shortages and soaring consumer prices before leaving office in November.

The socialist leader stated during an interview in La Paz on Wednesday: “We will do everything we can to maintain the economic growth rate and keep the inflation rate as low as possible.”

In one of the most severe economic crises in decades, U.S. lawmakers agreed on Tuesday to debate the approval of 16 foreign loans totaling $1.8 billion. On Wednesday, the Senate approved one of these, a $250 million loan from the Inter-American Development Bank. The House approved two loans totaling $160 million, which will now be submitted for Senate approval.

Arce hopes this move will help stabilize the economy ahead of the August elections, in which he supports his party’s candidate Eduardo del Castillo.