(Reuters) -Bolivia will hold a presidential runoff on October 19 between centrist Senator Rodrigo Paz and conservative former President Jorge "Tuto" Quiroga, after no candidate secured a decisive victory in the August 17 first-round vote.

The election marks a significant political shift, following the worst electoral defeat for the ruling Movement for Socialism (MAS) party in two decades. Paz led the initial round, and the outcome will now depend on which candidate can win over the supporters of eliminated rivals.

WHO IS RODRIGO PAZ?

Rodrigo Paz, a 57-year-old economist and senator for the centrist Christian Democratic Party (PDC), is a career politician aiming to present himself as an experienced but fresh alternative.

He is the son of former President Jaime Paz Zamora and has previously served as a congressman and the mayor of Tarija in southern Bolivia. After the August 17 vote, he secured the endorsement of business magnate Samuel Doria Medina, who finished third in the first round.

WHAT DOES PAZ PROMISE TO DO IF ELECTED?

Paz's platform is built on decentralizing the government and modernizing the economy. His flagship proposal is a "50-50 economic model," which would see the central government manage only half of all public funds, with the other half going directly to regional governments.

He also advocates for shutting down unprofitable state-owned companies. To tackle corruption, Paz proposes implementing blockchain technology for greater transparency.

Addressing Bolivia's economic concerns, he plans to create a currency stabilization fund that would incorporate cryptocurrency assets, which have become a popular hedge against inflation in the country.

WHO IS JORGE 'TUTO' QUIROGA?

A well-known figure in Bolivian politics, Jorge "Tuto" Quiroga, 65, is a conservative candidate representing the Alianza Libre coalition. He briefly served as president from 2001 to 2002 and has worked as an IMF consultant and a mining executive.

Quiroga frames his campaign as a "radical change" to reverse what he terms the "20 lost years" under socialist leadership.

WHAT DOES QUIROGA PROMISE TO DO IF ELECTED?

Quiroga promises deep cuts to public spending and judicial reform. He has praised the economic policies of Javier Milei, neighboring Argentina's libertarian president, and has indicated he would consider a rescue package from the International Monetary Fund.

On foreign policy, he has promised to re-establish Bolivia's severed relations with Israel. A unique proposal from his campaign is the creation of a "popular property title" valued at $1,500 for every adult Bolivian, which could be used as collateral to secure loans. His platform is seen as friendly to the private sector and aims for closer ties with the United States.