The final amount of the credit agreement represents a significant downsizing from the figures initially communicated by the government of Rodrigo Paz. Bolivia secured this Thursday the first IMF credit in two decades under austery conditions, which needs to be approved by the IMF’s Executive Board and the Plurinational Legislative Assembly before funding can take effect. Morales’ administration built a model of economic nationalism that deliberately reduced the country’s dependence on the IMF and the World Bank. Espinoza has insisted that the IMF imposed no specific conditions and that the program was designed by the Bolivian executive. The Plurinational Legislative Assembly is expected to receive the bill for ratification next week, setting the stage for a political battle that will define the direction of Bolivia’s economic future.