Santiago Peña, the presidential candidate of the ruling party in Paraguay, wins

The presidential election in Paraguay has been won by Santiago Peña of the conservative Colorado Party, defeating a candidate from the center-left.

Election officials report that Mr. Peña, an economist, received almost 42% of the vote after nearly all votes were tabulated.

With over 28% of the vote was Efraín Alegre, the coalition’s candidate. Afterwards, he conceded defeat.

For over 70 years, the Colorado Party has controlled the political landscape in this landlocked nation in South America.

All candidates for president were determined in a single round of voting on Sunday.

Addressing his supporters, Mr Peña, 44, said: “Thank you for this Colorado victory, thank you for this Paraguayan victory.”

He also demanded unanimity and national cohesion. Although Paraguay’s GDP is predicted to expand by more than 4% this year, the nation still has a high rate of corruption and poverty.

“We have a lot to do, after the last years of economic stagnation, of fiscal deficit, the task that awaits us is not for a single person or for a party,” Mr Peña said.

Mr. Alegre, 60, said that although his alliance had worked hard, the election results indicated that this was insufficient.

He promised to address corruption while running on a platform of advocating for austerity measures to counter the widening fiscal imbalance.

Additionally, he suggested that his nation break its long-standing relations with Taiwan and instead align itself with China.

There are now just 14 nations that maintain formal diplomatic ties with Taiwan, including Paraguay.

China views the island as a province gone rogue that need to be brought back under Beijing’s authority, even if it means using force.

Paraguayans cast ballots for legislative elections on Sunday as well; the Colorado Party received the most percentage of the vote.