The centrist Rodrigo Paz won the second round of Bolivia's presidential election, defeating conservative rival Jorge "Tuto" Quiroga.
The country's deep economic crisis has helped end nearly two decades of failed rule.
Senator Paz of the Christian Democratic Party won 54.5 percent of the vote, while Quiroga won 45.5 percent. However, Paz's party does not have a majority in the country's legislature, which will force him to form coalitions to govern effectively.
The new president will take office on November 8.
"We must open Bolivia to the world," Paz said.
The 58-year-old senator's victory is a historic turnaround for the South American country, which has been ruled almost continuously by the Bolivian Movement for Socialism (MAS) since 2006.
Paz's moderate plan, promising to preserve social programs while promoting private-sector-led growth, appears to have resonated with left-wing voters disillusioned with the former president's party.
