Conservative politician Rodrigo Paz was sworn in as Bolivia’s new president on Saturday, ushering in a new era for the Andean nation after nearly 20 years of one-party rule.

After being sworn in before the Bolivian Congress, Paz went to the Palacio Quemado, the presidential palace, and, from there, stepped out onto the balcony, elated, alongside his wife, María Elena Urquidi Barbery, and their four children, wearing the presidential sash.

In the square below, a crowd was waiting, waving Bolivia’s tricolor flags and chanting his name.

“God bless us. Let’s work for the people’s hope and move our country forward. Enough of government stagnation. We will work for every family, every father, every mother, every child,” Paz told his supporters from the balcony.

The inauguration of Paz, 58, has generated anticipation among Bolivians weary of the severe fuel shortages and high food prices that have come to characterize the country’s worst economic crisis in 40 years.

"We have traveled abroad to ensure that the dollars Bolivia needs so much will arrive — and they are arriving,” he said.

AP Video shot by Carlos Guerrero