Elected president in 2005, Morales increased taxation on the hydrocarbons industry to bolster social spending; although vocally criticizing neoliberalism and reducing dependence on the World Bank and International Monetary Fund, his administration retained a liberal economic policy and oversaw strong economic growth.
Elected president in 2005, Morales increased taxation on the hydrocarbons industry to bolster social spending, emphasising projects to combat illiteracy, poverty, racism, and sexism. Although vocally criticizing neoliberalism and reducing dependence on the World Bank and International Monetary Fund, his administration retained a liberal economic policy and oversaw strong economic growth.