Bolivia's new president takes over, inherits economic mess
Bolivia's new president takes over, inherits economic mess
Rodrigo Paz, a pro-business conservative, took office on Saturday (November 8, 2025) as Bolivia's president, ending nearly 20 years of socialist rule and inheriting acute economic woes.
Mr. Paz, the 58-year-old son of a former president, drew applause at the swearing-in ceremony at the Bolivian seat of congress as a torrential downpour fell outside.
“God, family and country: yes, I take the oath of office,” said Mr. Paz, who won a run-off election last month.
In his inauguration speech, he said Bolivia would now be different and open to the world after two decades of leftist rule that many here blame for the country's economic ills.
Under Evo Morales, in office from 2006 to 2019, Bolivia took a sharp turn to the left, nationalising energy resources, breaking ties with Washington and making alliances with China, Russia and fellow leftists in Cuba, Venezuela and elsewhere in Latin America.
In one of his first official acts, Mr. Paz restored ambassador-level diplomatic relations with the United States after a 17-year break – a rift that came after Morales accused the former US envoy of supporting a right-wing conspiracy.
“Never again an isolated Bolivia, bound by failed ideologies, or a Bolivia with its back turned to the world,” Mr. Paz said during a ceremony attended by delegations from more than 70 countries and local VIPs.
Mr. Paz will have to address Bolivia's worst economic crisis in 40 years, with year-on-year inflation at more than 20 percent and a chronic shortage of fuel and dollars.
Long queues for motorists seeking to fill their tanks have become a way of life.
The outgoing government of Luis Arce exhausted almost all of Bolivia's hard currency reserves to prop up gasoline and diesel subsidies.
On the campaign trail, the Christian Democrat Mr. Paz promised a “capitalism for all” approach to economic reform, with decentralisation, lower taxes and fiscal discipline mixed with continued social spending.
He also promised to maintain social programs while stabilising the economy, but economists have said the two things are not possible at the same time.
Published - November 09, 2025 04:43 am IST
Source: The Hindu
Related Posts: Texas' Manning and UTEP's Nelson took different paths from top recruits to their matchup Saturday Olivia Rodrigo's ex-boyfriend spotted cosying up to Madelyn Cline ICC judges find former Philippine president Rodrigo Duterte fit to stand trial ICC charges Rodrigo Duterte with crimes against humanity Ajay Devgn, Tiger Shroff Meet Lionel Messi, Luis Suarez, Rodrigo De Paul Rodrigo De Paul Melts Hearts As He Pulls Young Fan Closer For Photo Amid Security Intervention Dhurandhar Sets All-Time Second Saturday Record WWE Saturday Night’s Main Event 2025 LA police made nearly 400 arrests related to immigration protest since Saturday SIR hearings to begin on Saturday in Bengal
