Rodrigo Paz, a pro-business conservative, was sworn in as Bolivia's president on November 8, 2025, ending nearly two decades of socialist rule. He inherits the country's worst economic crisis in 40 years, marked by high inflation and fuel shortages. Paz promised reforms to open Bolivia to the world and stabilize the economy.
Rodrigo Paz, the 58-year-old son of a former president and a member of the Christian Democrat party, took the oath of office on Saturday, November 8, 2025, at the Bolivian seat of congress. The ceremony occurred amid a torrential downpour, drawing applause from attendees. "God, family and country: yes, I take the oath of office," Paz declared, following his victory in a run-off election last month.
In his inauguration speech, Paz emphasized a shift from the leftist policies of the past two decades, which many blame for Bolivia's economic troubles. Under former president Evo Morales, who governed from 2006 to 2019, the country nationalized energy resources, severed ties with Washington, and forged alliances with China, Russia, Cuba, and Venezuela. One of Paz's first acts was to restore ambassador-level diplomatic relations with the United States, broken for 17 years after Morales accused the U.S. 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," Paz stated during the event, attended by delegations from more than 70 countries and local dignitaries.
Paz faces severe economic challenges, including year-on-year inflation exceeding 20 percent and chronic shortages of fuel and dollars. Long queues at gas stations have become commonplace, exacerbated by the outgoing government of Luis Arce, which depleted nearly all hard currency reserves to subsidize gasoline and diesel. On the campaign trail, Paz advocated a "capitalism for all" model, featuring decentralization, lower taxes, fiscal discipline, and sustained social spending. He pledged to maintain social programs while stabilizing the economy, though economists warn that these goals may conflict.