Bolivians on Sunday elected a pro-business center-right senator as their new president, ending two decades of socialist rule that left the South American nation deep in economic crisis.

With 97.8 percent of ballots counted, Rodrigo Paz had 54.6 percent of the vote to 45.4 percent for his rival, right-wing former interim president Jorge "Tuto" Quiroga, the Supreme Electoral Tribunal (TSE) said.

The news was greeted with joy, music and fireworks on the streets of La Paz.

"We came to celebrate the victory with great hope of a new direction for Bolivia," reveler Julio Andrey, a 40-year-old lawyer, told AFP.

Paz, the 58-year-old son of a former president, has vowed a "capitalism for all" approach to economic reform, with decentralization, lower taxes and fiscal discipline mixed with continued social spending.

In his victory address, Paz said Bolivia was "reclaiming its place on the international stage."

Washington congratulated Paz on his election win, with Secretary of State Marco Rubio saying the United States "stands ready to partner with........

© International Business Times