BUENOS AIRES, November 8. /TASS/. Elected President of Bolivia Rodrigo Paz has taken the oath of office as head of state, according to TV channel Bolivia TV.

Presidents of Argentina, Paraguay, Uruguay, Chile and Ecuador Javier Milei, Santiago Pena, Yamando Orsi, Gabriel Boric and Daniel Noboa attended the inauguration. Vice President Edward Lara also took the oath of office.

Paz was elected head of state in a second round of elections on October 19. The vote marked the end of almost 20 years of rule by the Movement toward Socialism party represented by former Presidents Evo Morales (2006-2019) and Luis Arce (2020-2025).

Paz, son of former Bolivian President Jaime Paz Zamora, who led the country in 1989-1993, promises to carry out reforms under the slogan "capitalism for all." He proposes economic decentralization through the redistribution of tax revenues in favor of regions and municipalities, as well as the introduction of a program of affordable loans and tax incentives to support small and medium-sized businesses. Paz wants to intensify Bolivia's contacts with the whole world, giving priority to restoring relations with the United States and developing regional cooperation, including with the Southern Common Market (Mercosur). He did not invite the presidents of Venezuela, Cuba and Nicaragua to his inauguration.

At his first press conference as an elected head of state, Paz called BRICS, in which the South American country received partner status in January 2025, "a good trade association."

When asked about the lithium contracts that Bolivia signed with China’s CBC and Citic Guoan and Rosatom subsidiary Uranium One, he said that they should be more transparent. On November 7, Bloomberg reported that the Paz team plans to review contracts with the Chinese and Russian companies, certify the reserves and develop new legislation to bring large lithium exporters to Bolivia. Presidential adviser Jose Luis Lupo said that the contracts would be retained.

After his election, Paz visited the United States to negotiate aid for his country, which faces disruptions in fuel supplies due to a shortage of dollars. In Washington, he met with US Secretary of State Marco Rubio.