Sat Nov 08 23:13:23 UTC 2025: Here’s a summary and news article based on the provided text:

Summary:

Rodrigo Paz, a pro-business conservative, has been inaugurated as Bolivia’s president on November 8, 2025, marking the end of nearly two decades of socialist governance. Paz, the son of a former president, pledged to open Bolivia to the world and address the country’s significant economic challenges, including high inflation and shortages of fuel and dollars. One of his first acts was restoring diplomatic relations with the United States after a 17-year break. He promised economic reforms based on “capitalism for all” while maintaining social programs, a plan some economists deem unrealistic.

News Article:

Bolivia Swears in Pro-Business Paz, Ending Socialist Era

La Paz, Bolivia – November 9, 2025 – Rodrigo Paz was sworn in as President of Bolivia on Saturday, November 8, 2025, signaling a dramatic shift in the nation’s political and economic direction. Paz, a 58-year-old pro-business conservative, succeeds two decades of socialist rule and inherits a nation grappling with severe economic difficulties.

During his inauguration ceremony, Paz vowed to usher in a new era for Bolivia, one open to the world after years of leftist policies implemented under former President Evo Morales. One of his first official actions was the restoration of ambassador-level diplomatic relations with the United States, ending a 17-year rift.

“Never again an isolated Bolivia, bound by failed ideologies, or a Bolivia with its back turned to the world,” Paz declared, addressing delegations from over 70 countries.

Paz faces the daunting task of tackling Bolivia’s worst economic crisis in 40 years. Inflation is soaring at over 20 percent, and the country is plagued by shortages of fuel and US dollars. The previous government depleted foreign currency reserves in an attempt to subsidize gasoline and diesel prices.

During his campaign, Paz promised a “capitalism for all” approach, focusing on decentralization, lower taxes, and fiscal discipline while maintaining essential social spending. However, economists have expressed skepticism about the feasibility of simultaneously stabilizing the economy and maintaining existing social programs. The incoming president is under immense pressure to deliver on his promises and steer Bolivia towards economic recovery.

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