Paraguayans have elected Horacio Cartes, leader of the Colorado Party and one of the country’s richest men, to the post left vacant by President Fernando Lugo’s impeachment last year.

The millionaire businessman won a five-year term with 46 percent of the vote over 37 percent for Efrain Alegre of the ruling Liberal party, the Electoral Court announced after most votes were counted. Five other candidates trailed far behind.

Cartes, 56, had never voted before he joined the Colorado Party four years ago.

He pledged to reform his party, which was tainted by corruption during its 60-year reign until 2008.

“I’ll need help from all the Paraguayans to govern in the next five years,” Cartes said on Sunday night.

“Poverty, the lack of jobs for young people and international issues await us.”

‘Nothing more to say’

The UN estimates that more than half of Paraguayans live in poverty. Paraguay’s census bureau puts the number at 39 percent in a country which is South America’s third-biggest producer of soy, corn and sunflower seeds.

The president-elect owns controlling shares in banks, investment funds, agricultural estates, a soda maker and tobacco plantations.

Cartes is well-known in Paraguay as president of Libertad, the club that won last year’s national football championship.

Alegre, 50, a lawyer and career politician, recognised his defeat despite saying earlier that he might challenge the outcome.

“The Paraguayan people have spoken. There’s nothing more to say,” he said in a brief concession speech.

Click here for the full story.