Paraguay has held its most recent elections to become the South American country's next president. Current President Mario Abdo Benitez was barred from running for another term in office by law.

The latest election would ultimately become a three-way race. Polling data appeared to be somewhat erratic and inconsistent in the months leading up to the election. Not exactly a first in modern global politics. But that actual elections results would be rather decisive.

Santiago Pena wins

Santiago Pena has been elected as the new president of Paraguay. Pena is a member of the right-wing Colorado Party.

In the past, he was the minister of finance under highly controversial President Horacio Cartes. In the end, Pena would prevail in the election by a very wide margin.

Among the key issues in the race was Paraguay's alliance with Taiwan. As reported by Reuters, Pena has pledged continued support for the Asian nation. Taiwanese officials were quick to offer their congratulations to Pena for his victory. As were officials from other countries, including the United States, Ukraine and Spain.

But there are also other challenges on the horizon for the incoming president. Not least of which, as indicated by Americas Quarterly, could be fractions within his political party. Which is divided on matters such as looking to the future or looking back to Cartes.

Before going into politics, Santiago Pena was a faculty member at the Catholic University of Asuncion. He had previously graduated from there, as well as Columbia University in the United States. Pena was also an official with the Central Bank of Paraguay and Banco Amambay. In 2018, he was a candidate to become the Colorado Party's Presidential nominee.

The nod would go to Benitez, a former president of Paraguay's Chamber of Senators and eventual general election winner.

Both houses of the Congress of Paraguay were also up for election. The Colorado Party would score a small majority in the Chamber of Senators and a plurality in the Chamber of Deputies.

With Pena's win, it also means that Pedro Alliana is set to become the vice president of Paraguay.

Alliana previously served as president of the Chamber of Deputies and of the Colorado Party. His career also included being governor of Neembucu in southwestern Paraguay.

A third loss for Alegre

Finishing in second place in the election was Efrain Alegre. Alegre is the current president of the Authentic Radical Liberal Party. This marked the third occasion that he was the party's nominee for president, each of them unsuccessful. Alegre was formerly president of the Chamber of Deputies. He has also been a member of the Chamber of Senators and of the Cabinet of President Fernando Lugo.

In third place in the Presidential race would be Paraguayo Cubas. Cubas has been a member of both Congress of Paraguay halves. A very polarizing figure in Paraguay, he has landed in legal trouble multiple times. Cubas was the nominee of the right-wing National Crusade Party.