Following 12 years of leftist rule, Argentina elected a centre-right government on Sunday, giving Buenos Aires mayor Mauricio Macri the reins to Latin America’s third-largest economy. Conservative president-elect Macri promised a marvelous new era for the country, which has been beleaguered by years of economic instability, reported AFP.

“This is a historic day,” said the Cambiemos, or Let's Change party leader, who will replace the outgoing Christina Fernandez de Kircher. Macri, who is the former chief executive of the Boca Juniors football club, had won 51.44% out of the 98.87% of votes counted. He was nearly three percentage points ahead of his rival Daniel Scioli of the Frente Para la Victoria, or Front for Victory, reported The Guardian.

Macri promised to boost the economy, tackle narco-trafficking and defend democracy. He has also vowed to ease foreign trade and dollar restrictions.