Rodrigo Paz, a previously little-known centrist senator, won Bolivia’s presidential election with 54% of the vote, defeating former right-wing President Jorge Quiroga, who conceded.

Paz’s victory reflects voter frustration with the MAS party’s 20-year rule and economic mismanagement, attracting support from working-class and rural voters wary of Quiroga’s radical IMF-backed policies.

Paz aims to implement major economic reforms, including ending the fixed exchange rate, reducing fuel subsidies, and scaling back public investment, while maintaining some social benefits to avoid social unrest, NPR has reported.

His Christian Democratic Party holds a slim congressional majority, meaning compromise will be necessary to execute his ambitious agenda.