Bolivia’s new president takes over, inherits financial mess

Rodrigo Paz, a pro-business conservative, took workplace on Saturday (November 8, 2025) as Bolivia’s president, ending practically 20 years of socialist rule and inheriting acute financial woes.

Mr. Paz, the 58-year-old son of a former president, drew applause on the swearing-in ceremony on the Bolivian seat of congress as a torrential downpour fell outdoors.

“God, household and nation: sure, I take the oath of workplace,” stated Mr. Paz, who received a run-off election final month.

In his inauguration speech, he stated Bolivia would now be totally different and open to the world after twenty years of leftist rule that many right here blame for the nation’s financial ills.

Under Evo Morales, in workplace from 2006 to 2019, Bolivia took a pointy flip to the left, nationalising power sources, breaking ties with Washington and making alliances with China, Russia and fellow leftists in Cuba, Venezuela and elsewhere in Latin America.

In one among his first official acts, Mr. Paz restored ambassador-level diplomatic relations with the United States after a 17-year break – a rift that got here after Morales accused the previous US envoy of supporting a right-wing conspiracy.

“Never once more an remoted Bolivia, sure by failed ideologies, or a Bolivia with its again turned to the world,” Mr. Paz stated throughout a ceremony attended by delegations from greater than 70 nations and native VIPs.

Mr. Paz must handle Bolivia’s worst financial disaster in 40 years, with year-on-year inflation at greater than 20 p.c and a continual scarcity of gas and {dollars}.

Long queues for motorists looking for to fill their tanks have develop into a lifestyle.

The outgoing authorities of Luis Arce exhausted nearly all of Bolivia’s onerous forex reserves to prop up gasoline and diesel subsidies.

On the marketing campaign path, the Christian Democrat Mr. Paz promised a “capitalism for all” strategy to financial reform, with decentralisation, decrease taxes and financial self-discipline blended with continued social spending.

He additionally promised to keep up social packages whereas stabilising the financial system, however economists have stated the 2 issues should not doable on the similar time.