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UPDATE 1-Bolivia's Arce rejects IMF proposals, arguing harm to working class

·1 min read

(Adds details, quote)

Sept 16 (Reuters) - Bolivian President Luis Arce announced that he rejects International Monetary Fund (IMF) proposals for the economy, the leader wrote in a post on Twitter on Friday, arguing that the lender's prescriptions would hurt the working class.

The IMF said on Wednesday that the Bolivian government should cut its vast fuel subsidies and instead spend part of the funds on cash transfers for its poorest citizens, as part of a broader fiscal adjustment program.

But Arce appeared to reject the international lender's proposal, which was aimed in part at taming the South American country's budget deficit.

In his post on Twitter, the socialist president emphasized the importance of the country's sovereignty, adding that the government's "social economic model" has been successful in reducing inequality.

"That's why we do not accept the IMF proposals which would be detrimental to the people, especially the working class," said Arce, without specifically mentioning the fuel subsidies. (Reporting by Carolina Pulice and Isabel Woodford; Editing by David Alire Garcia)