TL/DR –
Bolivians are choosing between two pro-market candidates in a presidential run-off, possibly marking a shift towards the US after nearly two decades of socialist rule. The contenders are conservative interim President Jorge “Tuto” Quiroga and centrist Senator Rodrigo Paz, both aiming to restore relations with the US and address Bolivia’s economic crisis. The country is experiencing its worst economic crisis in decades, with inflation over 20%, fuel and dollar shortages, and near-depletion of foreign currency reserves.
A New Era in Bolivian Politics Begins with Presidential Run-off
Bolivia is set to see a significant shift in its political landscape as two pro-market candidates, Jorge “Tuto” Quiroga and Rodrigo Paz, contend in a presidential run-off. This decisive election, projected to end almost two decades of socialist rule, is expected to realign Bolivia’s international relations towards the United States.
The presidential run-off, featuring conservative Quiroga and centrist Paz, is predicted to be closely contested. Both candidates have pledged to restore Bolivia’s strained relations with the United States and rejuvenate the nation’s crisis-hit economy.
Previously dominant Movement Towards Socialism party (MAS) is absent from the run-off election, due to internal discord.
Bolivia’s presidential vote comes amidst the nation’s severe economic crisis, with inflation soaring above 20 percent, leading to severe shortages of fuel and hard currency.
Bolivia’s Economic Woes
Bolivia, once the fastest-growing economy in South America, has seen its foreign currency reserves nearly depleted due to heavy subsidies and lack of investment in its gas industry. Citizens express fear and uncertainty about the future, with prices escalating and long fuel queues becoming a regular sight.
This election signifies a potential return to 1990s market-friendly policies, a period marked by both economic growth and deep social inequality. Regardless of the electoral outcome, analyst Glaeldys Gonzalez Calanche predicts “Bolivia is heading in a new direction.”
Divergent Economic Plans
Quiroga proposes a “radical change,” favoring international investment, foreign loans, and significant cuts to public spending. Conversely, Paz champions a gradual path of “capitalism for all,” blending fiscal discipline with continued social programs.
US Support and Morales’ Continued Influence
Both candidates seek support from the United States, with US Secretary of State Marco Rubio suggesting a “transformative opportunity” for improved bilateral ties.
However, the presence of former leader Evo Morales, who still enjoys significant grassroots support, may complicate governance. Nearly eight million Bolivians are expected to vote in the mandatory election, with the successful candidate taking office on November 8.
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