Paz sworn in as Bolivia’s president, guarantees ‘capitalism for all’ | Information

Rodrigo Paz faces Bolivia’s worst financial disaster in 40 years, with excessive inflation and a scarcity of gasoline and {dollars}.

Rodrigo Paz has been sworn in as Bolivia’s president, ushering in a brand new period for the South American nation after almost 20 years of governance by the Motion for Socialism (MAS) social gathering.

Paz, the 58-year-old son of a former president, and a pro-business conservative, drew applause on the swearing-in ceremony on Saturday on the Bolivian seat of congress.

“God, household and nation: sure, I take the oath of workplace,” stated Paz, who received a run-off election final month.

In his inauguration speech, he later stated Bolivia would now be open to the world after 20 years of left-wing governance.

The Motion Towards Socialism social gathering, based by charismatic former President Evo Morales, had its heyday throughout the commodities growth of the early 2000s, however pure fuel exports have sputtered, and its statist financial mannequin of beneficiant subsidies and a hard and fast alternate fee has collapsed.

Paz should tackle Bolivia’s worst financial disaster in 40 years, with year-on-year inflation at greater than 20 % and a continual scarcity of gasoline and {dollars}.

The outgoing authorities of Luis Arce exhausted virtually all of Bolivia’s onerous forex reserves to prop up a coverage of petrol and diesel subsidies.

On the marketing campaign path, the Christian Democrat Paz promised a “capitalism for all” method to financial reform, with decentralisation, decrease taxes and monetary self-discipline combined with continued social spending.

He additionally promised to take care of social programmes whereas stabilising the economic system, however economists have stated the 2 issues are usually not doable on the similar time.

Paz has promised to revive ties with the USA.

“By no means once more an remoted Bolivia, sure by failed ideologies, or a Bolivia with its again turned to the world,” Paz stated throughout a ceremony attended by delegations from greater than 70 nations and native VIPs.

Paz additionally introduced after the election that his authorities will cooperate with all worldwide organisations on safety issues, together with the US Drug Enforcement Administration, which Morales expelled from Bolivia on the finish of 2008.