Conservative leader Rodrigo Paz becomes Bolivia’s president, inheriting 20% inflation and empty reserves after ending socialist rule
LA PAZ: Rodrigo Paz took office as Bolivia’s new president on Saturday, ending nearly two decades of socialist governance and inheriting the country’s worst economic crisis in 40 years.
The 58-year-old pro-business conservative was sworn in at the Bolivian congress during a ceremony attended by delegations from more than 70 countries.
“God, family and country: yes, I take the oath of office,” said Paz, who won last month’s run-off election.
In his inauguration speech, he promised to transform Bolivia after two decades of leftist rule that many blame for current economic problems.
Paz immediately restored ambassador-level diplomatic relations with the United States after a 17-year break.
“Never again an isolated Bolivia, bound by failed ideologies, or a Bolivia with its back turned to the world,” he declared.
The new president faces year-on-year inflation exceeding 20% and chronic shortages of fuel and US dollars.
Long queues at gasoline stations have become commonplace across the country.
The outgoing government of Luis Arce exhausted nearly all Bolivia’s hard currency reserves to maintain fuel subsidies.
During his campaign, Paz promised a “capitalism for all” approach combining decentralization, lower taxes and fiscal discipline with continued social spending.
He committed to maintaining social programs while stabilizing the economy, though economists question whether both goals are simultaneously achievable.
Paz succeeds Evo Morales, who governed from 2006 to 2019 and shifted Bolivia sharply leftward by nationalizing energy resources and aligning with China, Russia and Latin American leftists. – AFP
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