La Paz: Rodrigo Paz has been sworn in as Bolivia’s new president, ending almost 20 years of rule by the leftist Movement for Socialism (MAS) party and marking the start of a new political chapter for the nation.
The 58-year-old conservative leader, son of former president Jaime Paz Zamora, took the oath of office at the Bolivian congress on Saturday. Greeted with applause, Paz pledged his commitment to God, family, and country, promising to lead Bolivia toward openness and renewal.
In his address, Paz said the country was ready to open up to the world again after two decades of socialist rule under Evo Morales and Luis Arce. He vowed to rebuild Bolivia’s global ties and adopt practical economic reforms to pull the nation out of its worst financial crisis in 40 years.
Bolivia is struggling with inflation above 20 percent, a shortage of fuel and US dollars, and depleted foreign reserves. The outgoing Arce government spent heavily to maintain fuel subsidies and a fixed exchange rate, leaving the economy under severe pressure.
Paz has pledged a ‘capitalism for all’ approach- aiming to balance free-market growth with social welfare. His plans include decentralisation, lower taxes, and tighter spending controls, while still maintaining support for low-income families. Economists, however, caution that it will be a tough balancing act.
A key part of Paz’s agenda is to restore diplomatic and trade relations, especially with the United States. He said Bolivia will work with international agencies on security and anti-drug operations, reopening cooperation with the US Drug Enforcement Administration that was expelled in 2008.
“Never again an isolated Bolivia,” Paz told a packed audience that included representatives from more than 70 countries.
