La Paz [Bolivia], October 20 (ANI): Rodrigo Paz of the centre-right Christian Democratic Party (PDC) in Bolivia has been elected as the country's new president, ending almost 20 years of socialit leadership, Al Jazeera reported.

Paz's party does not hold a majority in the country's legislature, which will force him to forge alliances to govern effectively. The new president takes office on November 8.

With 97 per cent of ballots counted, Paz won 54.5 per cent of the vote in Sunday's run-off race, well ahead of right-wing former interim President Jorge 'Tuto' Quiroga, who got 45.4 per cent of the vote, according to the country's Supreme Electoral Tribunal (TSE).

The 58-year-old centrist Senator and economist Rodrigo Paz, son of former leftist President Jaime Zamora, had studied economics in the United States before returning home to join politics. He has promised 'capitalism for all.'

Both candidates had pledged to address Bolivia's severe economic crisis and repair strained diplomatic relations with Washington, which deteriorated during the administrations of labour leader and first Bolivian President of indigenous descent, Evo Morales, and his successor and current President of the country, Luis Arce.

According to Al Jazeera, the ruling Movement Towards Socialism (MAS) party, long the dominant force in Bolivian politics since Morales took office in 2006, failed to advance a candidate to the run-off following a collapse in support during the first round in August. The internal fragmentation of MAS marks the close of a political era.

Bolivia has been suffering an economic crisis, including annual inflation of almost 25 per cent and critical shortages of US dollars and fuel.

Bolivians took to the streets to protest high prices and hours-long waits for fuel, bread and other basics in the lead-up to the August 17 general election.

After the results were announced, Paz's vice-presidential running mate, Edmand Lara, made a call for 'unity and reconciliation'. 'We must ensure the supply of diesel and gasoline. People are suffering. We need to stabilise the prices of the basic food basket, and we must put an end to corruption,' Lara said, according to Al Jazeera. (ANI)