Bolivia elects center-right Rodrigo Paz ending 20 years socialist rule

Bolivia has elected Rodrigo Paz, a center-right candidate from the Christian Democratic Party, as its new president, marking the end of nearly 20 years of leftist, socialist rule. Paz won the runoff election with approximately 54.6% of the vote and will be inaugurated on November 8. He campaigned on a platform of economic reform focused on "capitalism for all," promising tax reductions, accessible loans for young entrepreneurs, and the removal of tariffs on imported goods, while opposing IMF loans. Paz seeks to overhaul Bolivia's hydrocarbons sector by promoting investment and exploration, aiming for a balanced risk-sharing model to attract confidence and boost production, particularly in the key natural gas-producing Tarija region. His governance approach emphasizes consensus-building to unify a divided society, with goals to reduce public spending, especially on fuel subsidies, and to implement anti-corruption measures to strengthen institutions. This political shift follows a significant economic crisis, including a 24% inflation rate and declining natural gas production, challenges Paz plans to address through gradual reforms and fostering stronger ties with the U.S.