Rodrigo Paz sworn in as new president of Bolivia

The inauguration ceremony took place on Saturday at the country’s legislative seat, where the 58-year-old leader took his oath, declaring, “God, family and country: yes, I take the oath of office.”

Paz, a Christian Democrat and son of a former Bolivian president, assumes leadership at a time of serious economic challenges. The country is facing its most difficult financial situation in four decades, with annual inflation exceeding 20% and shortages of fuel and U.S. dollars. The previous administration under Luis Arce used much of Bolivia’s foreign reserves to sustain fuel subsidies and maintain a fixed exchange rate.

In his inaugural address, Paz said Bolivia was “open to the world again” after years of left-wing governance. He outlined an economic approach he described as “capitalism for all,” combining fiscal discipline, decentralization, and lower taxes with continued social programs. Economists have noted that implementing such measures while stabilizing the economy will be a major task for the new government.

Paz also pledged to strengthen Bolivia’s international cooperation, including restoring dialogue with the United States and working with global partners on security issues. His administration has indicated plans to reestablish cooperation with the U.S. Drug Enforcement Administration, which was expelled from the country in 2008.

The inauguration was attended by representatives from more than 70 countries and national dignitaries, marking the beginning of a new chapter in Bolivia’s political landscape.