Senator Rodrigo Paz has been elected president of Bolivia, securing 54.5 % of the vote in an electoral runoff held this weekend against former president Jorge “Tuto” Quiroga, who garnered 45.5 %.

The result ends nearly 20 years of governance by the leftist Movimiento al Socialismo (MAS) party, which failed to advance a candidate to the final stage. Paz’s campaign ran on a platform he termed: “capitalism for all,” promising to stimulate private-sector growth, maintain social programmes and restore relations with the United States. His incoming administration will face the immediate challenge of reviving an economy burdened by inflation above 23% and a fiscal deficit exceeding 10% of GDP.

Analysts see Paz’s victory as a repudiation of MAS’s economic stewardship and a signal that Bolivia is shifting toward a market-oriented model after years of state-led control, even as his Christian Democratic Party lacks a majority in the legislature, posing potential hurdles to implementing his agenda.

Paz takes office next month with the status-quo of left-wing dominance disrupted, and will attempt to steer Bolivia toward a new political era rooted in private investment and institutional reform.