Bolivia’s Centrist party has claimed victory in the crisis-hit South American country, which voted on Sunday, marking its first win for the pro-market party in over two decades.
The victory ended more than two decades of dominance of the leftist movement toward socialism (MAS) Party on Sunday. The voting pitted two conservative capitalists right-wing former President Jorge Quiroga and centrist Senator Rodrigo Paz against one another.
Preliminary results showed Paz winning the elections with 54 per cent vote share, according to the country’s Supreme Electoral Tribunal. “The trend is irreversible,” said Oscar Hassenteufel, the president of the Supreme Electoral Tribunal.
Following his victory, Paz said his country was “reclaiming its place on the international stage." The 58-year-old economist-turned-senator said, "We must open Bolivia to the world and restore its role."
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The South American nation has been facing serious economic repression since 2023, with its population losing out on their savings while hampering trade relations with the neighbouring countries.
The country is witnessing the worst inflation since 1991, with its currency losing nearly half of its value over the past two years.
With an economist in Power, the country is hoping to revive its economy and regain its glory through measured policies.
The country is also facing serious corruption issues, and policies favouring the burgeoning class have not only triggered but also amplified severe economic constraints.
Paz will have to work to revive the economy through reformative policies. The son of a former president, Paz, a relative unknown despite two decades in politics, surprised observers by winning the August election.