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Approximately a dozen vehicles on a roadway suffered damage, and banknotes were strewn across the ground, according to an official report.
Fire Chief Pavel Tovar did not specify whether the deceased were passengers from the aircraft or occupants of the cars on the highway near the La Paz airport.
He confirmed that there were individuals who sustained injuries.
The aircraft collided with vehicles in El Alto, a city adjacent to La Paz, before finally coming to a stop in a nearby field, as depicted in images shared on social media.
Photographs reveal a mangled plane cockpit alongside a severely damaged car.
There were conflicting reports of whether the plane was taking off or landing when it crashed.
According to Tovar, at least 15 vehicles were involved.
Firefighters managed to extinguish the flames engulfing the aircraft.
The plane, a Hercules aircraft belonging to the Bolivian air force, was transporting new banknotes from the Central Bank to other cities.
Authorities suspended all flights to and from the terminal.