Bolivia has elected a centrist senator, Rodrigo Paz, as its next president, bringing an end to nearly 20 years of continuous rule by the Movement for Socialism (Mas) party.
With almost all votes counted, Paz, from the Christian Democratic Party, defeated right-wing candidate Jorge 'Tuto' Quiroga in Sunday's run-off election with a share of 54.6%.
A severe economic crisis and infighting within Mas, which has dominated Bolivian politics since 2006, saw many voters wanting change.
Paz has said he will end fuel shortages and address Bolivia's wider economic problems. In his victory speech, he promised to open up Bolivia to wider international investment and stimulate private-sector growth.
Paz, 58, transitioned from being a surprising frontrunner in the first round of election in August to achieving a clear win over Quiroga, who received 45.4% of the votes in the run-off. The candidate for Mas did not make it into the run-off.
Paz is perceived as relatively moderate and centrist, which made him more appealing to undecided and disillusioned voters looking for a shift in direction.
Quiroga has conceded defeat and called his rival to congratulate him. Celebrations erupted among Paz's supporters in La Paz, as the election appeared to symbolize hope for a new path forward for Bolivia.
Bolivia is currently facing severe shortages of fuel, long queues at petrol stations, a shortage of US dollars, and soaring inflation. Natural gas exports, once a significant revenue source for the country, these have drastically decreased.
In response to these issues, Paz campaigned with the slogan 'capitalism for all', proposing free-market reforms and social programs aimed at aiding the poorest citizens. He has promised to enhance access to credit for small businesses, lower certain taxes, reduce import tariffs, and combat corruption.
Once in office, he plans to cut large fuel subsidies that have led to considerable economic strain.
Paz's election may signal improved relations between Bolivia and the United States, a relationship strained since 2008 when Bolivia expelled a US ambassador. The US expressed eagerness to work with Paz to restore economic stability.
Paz’s choice of running mate, Edman Lara, a former police captain known for whistleblowing on corruption, has also helped him attract working-class voters.
As Bolivia embarks on this new chapter, Paz will face the challenging task of revitalizing the economy and uniting a polarised populace. He will officially take office on November 8, 2025.