With nearly 100 percent of votes counted, the National Office of Electoral Processes in Peru declared Pedro Pablo Kuczynski the winner over Keiko Fujimori Thursday in the presidential runoff election that took place Sunday.
The dramatic race came down to less than one percentage point between the candidates, with 50.12 percent for Kuczynski and 49.88 percent for Fujimori.
The former banker maintained a narrow, but constant lead from the beginning.
Kuczynski, who lost the first round against Fujimori in April, was able to beat the daughter of former dictator Alberto Fujimori, by a short lead after receiving the endorsement of leftist leader Veronika Mendoza, as well as other anti-Fujimori groups.
It won't be easy for Kuczynski to govern since Fujimori's conservative Popular Force party holds a supermajority of 73 seats in the Congress, which is also to be chaired by Fujimori's brother, Kenji.
Kuczynski's win means the second loss for Keiko Fujimori in a presidential race, after her 2010 defeat to outgoing president, Ollanta Humala.