[Source: Reuters]

Paraguayan conservative economist Santiago Pena, 44, won the country’s presidential election, tightening the ruling Colorado Party’s political grip in the country and defusing fears about the end of diplomatic ties with Taiwan.

Pena, who has pledged to maintain Paraguay’s long-standing Taiwan relations, had 42.7% of the vote with 99.9% of ballots counted, a more than 15-point lead over center-left rival Efrain Alegre, who has argued for switching allegiance to China.

“Thank you for this Colorado victory, thank you for this Paraguayan victory,” Pena said in a speech. Alegre acknowledged the result. Current President Mario Abdo congratulated Pena as “president-elect”, as did the leaders of Brazil and Argentina.

Colorado and right-wing party candidates also performed strongly in congressional elections and governor races, with some provinces recording a historic Colorado majority over opposition rivals.

The election result leaves Pena facing a challenge to rev up Paraguay’s farm-driven economy, shrink a major fiscal deficit and navigate rising pressures from soy and beef producers to ditch Taiwan in favor of China and its huge markets.

“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,” Pena said in his victory speech, calling for “unity and consensus”.

It also underscores the dominance of the Colorado Party, which has ruled for all by five of the last 75 years and has a fierce campaign machine, despite rising discontent from some voters over the slowing economy and corruption allegations.

“Once a Colorado always a Colorado,” said Eugenio Senturion, 65, as he voted on Sunday at his local polling station in the area of Jara, Asuncion.

Dry weather helped voter turn-out, analysts said, with queues to cast ballots long after polling stations were formally meant to close at 4 p.m. (2000 GMT).

“All day we’ve observed high levels of participation,” an observer for the Organization of American States (OAS) electoral mission said.

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