The United States and eight Latin American countries on Tuesday expressed their support for new Bolivian President Rodrigo Paz following his victory in Sunday's elections, which they called "a departure from the economic mismanagement of the past two decades."

Signers promise to "stabilize Bolivia's economy and open it to world”

In addition to the United States, the statement released by the State Department is signed by Argentina, Costa Rica, Ecuador, El Salvador, Panama, Paraguay, the Dominican Republic, and Trinidad and Tobago.

“The signatory countries are willing to support the incoming administration’s efforts to stabilize Bolivia’s economy and open it to the world, strengthen its democratic institutions, and boost international trade and investment,” the text states.

The centrist candidate’s victory “reflects the willingness of the Bolivian people to embrace change and chart a new course for their nation and our region, signaling a departure from the economic mismanagement of the last two decades,” the signatories added.

Paz will resume diplomatic relations with the United States, severed 17 years ago

Paz, a 58-year-old economist, won the presidential runoff on Sunday with 54.5% of the votes against former right-wing president Jorge Quiroga, according to the official count. He will take office on November 8.

One of the new president's first statements after his victory was his willingness to resume relations with Washington, which had been severed since leftist Evo Morales expelled the US ambassador in 2008 under accusations of conspiring with the opposition.

Morales also withdrew the Drug Enforcement Administration (DEA) and the United States Agency for International Development (USAID) from the country.