La Paz: Bolivia is poised on the brink of a crucial political and economic turning point as voters prepare for the presidential runoff on October 19, 2025. Former President Jorge “Tuto” Quiroga, representing the conservative Alianza Libre coalition, has vowed to implement far-reaching economic reforms if elected, seeking to address the country’s mounting financial crisis.
Quiroga, who garnered 27% of the vote in the first round, trails centrist Senator Rodrigo Paz, who leads with 32%. With both candidates advancing to the runoff, the political stakes are higher than ever, with Bolivia’s economic stability hanging in the balance.
Facing an economy burdened by historically high inflation and rapidly declining foreign reserves, Quiroga has outlined a plan of "dramatic, radical change." His proposals include a substantial reduction in public spending, restructuring or closing certain state-owned enterprises, and eliminating some government ministries to enhance efficiency. Fuel subsidies, long a lifeline for the population, would be scaled back, preserved primarily for public transportation and vulnerable communities.
Quiroga’s economic agenda also includes issuing “popular property titles” to adult Bolivians as credit collateral, signaling a push towards expanding private sector participation in the economy. Furthermore, his willingness to engage with the International Monetary Fund (IMF) indicates a potential pivot in Bolivia’s foreign policy and closer alignment with international financial institutions.
However, these measures carry political risks. Bolivia’s Indigenous majority, who have historically benefited from state support, may perceive the reforms as a threat to their welfare. Opposition voices warn that the proposed changes could spark social unrest if implemented too abruptly, particularly in rural areas.
The runoff election is increasingly being viewed as a referendum on Bolivia’s economic direction. While Quiroga advocates bold, market-oriented reforms, his rival Paz presents a more moderate path, promising stability and incremental improvements. The electorate’s decision in the coming days will determine whether Bolivia pursues radical economic restructuring or a cautious, centrist approach.