LA PAZ, Bolivia (AP) — Conservative politician Rodrigo Paz was sworn in as Bolivia’s new president Saturday, ending nearly two decades of one-party rule by the Movement Toward Socialism (MAS) party.
Paz, 58, took the oath of office before lawmakers and foreign dignitaries in La Paz, pledging to address the country’s worst economic crisis in 40 years. His surprise runoff victory last month signaled a popular demand for change amidst chronic fuel shortages, high food prices, and a scarcity of U.S. dollars.
In his inaugural address, Paz criticized the previous administration’s statist model, stating that the country he inherited was “devastated… morally and materially indebted.” He promised major, albeit gradual, economic reforms to pull the Andean nation out of its crisis.
Paz stressed a major shift in foreign policy, declaring that “Bolivia is rejoining the world, never again isolated.” His administration has already begun to distance itself from the leftist ALBA bloc and is seeking closer ties with the United States.
Among the immediate actions taken were engaging international financial institutions for potential economic assistance and securing an initial $3.1 billion loan agreement with the Andean Development Corporation for economic recovery. Paz also announced that his government will resume cooperation on security matters, including with the U.S. Drug Enforcement Administration (DEA), which had been expelled in 2008.
The new president faces a challenging political landscape. His Christian Democratic Party controls only 39% of the 166 seats in the Legislative Assembly, requiring him to focus immediately on building cross-bloc alliances to advance his agenda.
The inauguration was attended by several regional heads of state, including the presidents of Argentina, Javier Milei, and Chile, Gabriel Boric.