Paz sworn in as Bolivia’s president, promises ‘capitalism for all’

Rodrigo Paz faces Bolivia’s worst economical situation successful 40 years, with precocious ostentation and a shortage of substance and dollars.

Rodrigo Paz has been sworn successful arsenic Bolivia’s president, ushering successful a caller epoch for the South American federation aft astir 20 years of governance by the Movement for Socialism (MAS) party.

Paz, the 58-year-old lad of a erstwhile president, and a pro-business conservative, drew applause astatine the swearing-in ceremonial connected Saturday astatine the Bolivian spot of congress.

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“God, household and country: yes, I instrumentality the oath of office,” said Paz, who won a run-off predetermination past month.

In his inauguration speech, helium aboriginal said Bolivia would present beryllium unfastened to the satellite aft 2 decades of left-wing governance.

The Movement Toward Socialism party, founded by charismatic erstwhile President Evo Morales, had its heyday during the commodities roar of the aboriginal 2000s, but earthy state exports person sputtered, and its statist economical exemplary of generous subsidies and a fixed speech complaint has collapsed.

Bolivian President-elect Rodrigo Paz reacts and Vice President-elect Edmand Lara rise their arms astatine Paz’s swearing-in ceremonial astatine the Plurinational Legislative Assembly successful La Paz, Bolivia, November 8, 2025 [Luis Gandarillas/Pool via Reuters]

Paz volition person to code Bolivia’s worst economical situation successful 40 years, with year-on-year ostentation astatine much than 20 percent and a chronic shortage of substance and dollars.

The outgoing authorities of Luis Arce exhausted astir each of Bolivia’s hard currency reserves to prop up a argumentation of petrol and diesel subsidies.

On the run trail, the Christian Democrat Paz promised a “capitalism for all” attack to economical reform, with decentralisation, little taxes and fiscal subject mixed with continued societal spending.

He besides promised to support societal programmes portion stabilising the economy, but economists person said the 2 things are not imaginable astatine the aforesaid time.

Paz has promised to reconstruct ties with the United States.

“Never again an isolated Bolivia, bound by failed ideologies, oregon a Bolivia with its backmost turned to the world,” Paz said during a ceremonial attended by delegations from much than 70 countries and section VIPs.

Paz besides announced aft the predetermination that his authorities volition cooperate with each planetary organisations connected information matters, including the US Drug Enforcement Administration, which Morales expelled from Bolivia astatine the extremity of 2008.