LA PAZ – Rodrigo Paz, a conservative political figure, officially assumed the role of Bolivia’s president on Saturday. His inauguration marks a significant shift for the Andean country, which has been under the governance of a single party for nearly two decades.

Paz took his oath in front of both lawmakers and international dignitaries, solemnly raising his right hand in the presence of a Bible and a cross.

As he accepted the presidential sash and various medals, Paz declared, “I swear by God, country, and family.”

At 58, Paz’s presidency brings with it the hopes of many Bolivians who have grown frustrated with the country’s dire economic situation, plagued by severe fuel shortages and soaring food prices—the worst crisis seen in 40 years. In a surprising turn of events, Paz emerged victorious against the well-known right-wing candidate, former President Jorge “Tuto” Quiroga, during last month’s presidential runoff.

Paz faces the daunting task of revitalizing an economy devastated after two decades under the Movement Toward Socialism party, established by the influential former President Evo Morales. While the party thrived during the early 2000s commodities boom, recent years have seen the decline of natural gas exports, and its economic model, dependent on substantial subsidies and a fixed exchange rate, has crumbled.

With U.S. dollars scarce and chronic fuel shortages, a majority of voters chose Paz to lift them out of the economic crisis. He pitched major reforms but at a more gradual pace than Quiroga, who advocated an International Monetary Fund bailout and fiscal shock program.

The presidents of Argentina, Javier Milei; Chile, Gabriel Boric; Ecuador, Daniel Noboa; Uruguay, Yamandú Orsi; and Paraguay, Santiago Peña attended the inauguration in Bolivia’s capital, La Paz.

After his Oct. 20 victory, Paz distanced himself from the ALBA bloc — of which Bolivia is part along with Cuba, Nicaragua, and Venezuela — and moved closer to the United States, from which his country had grew apart after the expulsion of the U.S. ambassador in 2008, during Morales’s administration.

Paz also engaged with international financial institutions regarding a potential economic assistance program. In addition, the new president reached an initial agreement with the Andean Development Corporation for a $3.1 billion loan to boost economic recovery over the next few years.

“After two decades of left-wing government, he can count on the goodwill of foreign investors and the international community,” said Michael Shifter of the Inter-American Dialogue, a Washington-based international think tank. “His task will not be easy. If he acts too slowly or his policies stagnate and fail to pull Bolivia out of its economic crisis, Paz risks losing political capital.”

Paz also announced after the election that his government will cooperate with all international organizations on security matters, including the U.S. Drug Enforcement Administration, which Morales expelled from Bolivia at the end of 2008.

Paz will now have to work on building a solid alliance with political blocs as his Christian Democratic Party controls only 39% of the 166 seats of the Legislative Assembly.