The worst part of the oil price crisis was over, Bolivia's Vice President Alvaro Garcia Linera said Tuesday, noting that he expected to see an increase in revenue from gas sales to Brazil and Argentina in the next few months.

With oil prices bouncing back from record lows, revenues from hydrocarbon sales should increase from next month and through the end of the year, Garcia told a press conference.

"We have done an objective analysis and expect the new price of a barrel of oil to be reflected in September and October, so there will be a notable improvement in the earnings Bolivia and the regions generate," said Garcia.

As a result, 2016 should close with "much greater economic prosperity," he added.

Garcia said the price of "oil has increased by almost 40 percent and 60 percent, and that will mean better earnings for the regions, so they can fulfill their commitments, so I believe that in the matter of oil the worst is over."

According to forecasts, the price of oil could reach 50 U.S. dollars a barrel by year end.

Bolivia is poised to see continued growth over the next five years, even if the barrel price drops to 20 dollars, said Garcia.

Bolivia's gross domestic product (GDP) should grow 5 percent in 2016, despite low oil prices and droughts affecting the country's eastern agricultural regions, said the vice president.

The figure coincides with a report last week from President of Bolivia's Central Bank (BCB) Marcelo Zabalaga which also said despite the lack of rain, economic growth was on track to reach 5 percent.

Bolivian President Evo Morales on Saturday allayed fears the country was suffering from plummeting oil prices.

"Bolivia is not in an economic crisis, if it were, we would have scrapped bonuses ... if we were in crisis, there would be no economic growth," he said.

Source : XINHUA