Bolivia’s President Paz sworn in, ties with US to renew at ambassador stage

[ad_1] Rodrigo Paz, a pro-business conservative, took workplace Saturday as Bolivia's president, ending practically 20 years of socialist rule and inheriting acute financial woes.

Paz, the 58-year-old son of a former president, drew applause on the swearing-in ceremony on the Bolivian seat of congress as a torrential downpour fell exterior.

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

In his inauguration speech, he later stated Bolivia would now be completely different and open to the world after twenty years of leftist rule that many right here blame for the nation's financial ills.

"By no means once more an remoted Bolivia, certain 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 international locations and native VIPs.

Beneath Evo Morales, in workplace from 2006 to 2019, Bolivia took a pointy flip to the left, nationalising vitality sources, breaking ties with Washington and making alliances with China, Russia and fellow leftists in Cuba, Venezuela and elsewhere in Latin America.

Shortly after his election final month, Paz vowed to revive ties with the US.

On Saturday, hours after his inauguration, Paz and visiting US Deputy Secretary of State Christopher Landau stated the 2 international locations restore diplomatic relations on the ambassadorial stage after a 17-year break.

"We will set up these relations," Bolivia's new center-right chief stated, with the Trump administration official specifying relations will resume on the ambassadorial stage.

Deep financial disaster Paz should tackle Bolivia's worst financial disaster in 40 years, with year-on-year inflation at greater than 20 p.c and a power scarcity of gas and {dollars}.

Lengthy queues for motorists in search of to fill their tanks have turn into a lifestyle.

The outgoing authorities of Luis Arce exhausted virtually all of Bolivia's laborious forex reserves to prop up a coverage of gasoline 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 financial self-discipline combined with continued social spending.

He additionally promised to keep up social packages whereas stabilising the financial system, however economists have stated the 2 issues aren't potential on the identical time.