(MENAFN) Center-right Senator Rodrigo Paz of the Christian Democratic Party (PDC) claimed victory in Bolivia’s presidential runoff on Sunday, defeating former conservative President Jorge “Tuto” Quiroga.

Preliminary results from the Supreme Electoral Tribunal (TSE), with over 97% of votes counted, showed Paz receiving 54.53% compared to Quiroga’s 45.43%.

Paz, 58, an economist born on September 22, 1967, in Spain, spent much of his childhood across Argentina, Chile, Peru, Venezuela, and Panama. His election win, which followed an unexpected first-round victory two months ago, marks his first major political triumph.

Much of Paz’s career unfolded in the southern department of Tarija, where he served as a councilman, mayor, and congressman before becoming a senator. He is also the son of former President Jaime Paz Zamora, who led Bolivia from 1989 to 1993.

Acknowledging his defeat, Quiroga told supporters: “We cannot leave the country in limbo. We would exacerbate the problems of people suffering from the crisis; we cannot question it. We need a mature attitude at this time. We are going to verify the results, but I have congratulated Rodrigo.”

Sunday’s outcome ends nearly two decades of leftist rule, as voters opted for two capitalist candidates, signaling a major political shift following the early defeat of the long-dominant Movement Toward Socialism (MAS) party.

Paz is set to officially take office on November 8 and will immediately confront Bolivia’s deepest economic crisis in 40 years. The nation faces severe US dollar shortages, limiting imports and contributing to inflation surging to 25% year-on-year last month. The dollar scarcity, along with declining natural gas production, has also led to widespread fuel shortages in major cities.

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