Bolivia is approaching a second round that would end two decades of socialism.

Bolivia is headed for a runoff presidential election in October, which would mark the end of two decades of almost uninterrupted socialist rule and likely transform both the country's economic model and its relations with Washington.

With 91% of the votes counted, opposition senator Rodrigo Paz (Christian Democratic Party), 57, led with 32%, compared to 27% for Jorge Quiroga (Free Alliance), who was president from 2001 to 2002.

Rodrigo Paz wins the elections

Paz, who far surpassed polls that placed him in third, fourth, or fifth place, has proposed a more inclusive form of capitalism, he said in an interview with the local newspaper La Razón .

Quiroga asserts that he will promote foreign investment for oil and gas exploration, as well as for lithium production, given that Bolivia is home to the largest deposits of this metal in the world.

The electoral authority has not yet officially announced the holding of a second round.

According to Bolivian electoral rules, a candidate can win in the first round with only 40% of the vote, provided they exceed the second-place finisher by more than ten percentage points.

The second round of elections is expected to be held on October 19. The new president will take office on November 8.