Paraguay's ruling candidate Santiago Pena, 44, scored a big win in the country's presidential election on Sunday, tightening the conservative Colorado Party's political grip in the country and defusing fears about the end of diplomatic ties with Taiwan.

Pena, who has pledged to maintain Paraguay's long-standing Taiwan relations, had 42.7% of the vote with over 99% of ballots counted, a more than 15-point lead over center-left rival Efrain Alegre, who has argued for switching the country's allegiance to China.

"Thank you for this Colorado victory, thank you for this Paraguayan victory," Pena said in a speech. Alegre acknowledged the result. Current President Mario Abdo congratulated Pena as "president-elect," as did the leaders of Brazil and Argentina.