The exit polls of Argentina’s historical presidential run-off election indicate that opposition candidate Mauricio Macri, the mayor of Buenos Aires, is set to be the new leader of the South American nation.

Macri 54%, Scioli 46%

The BBC reports that Macri has about 54 percent of the votes while Daniel Scioli has 46 percent.

Scioli, who was President Cristina Fernández de Kirchner’s choice for successor, was marginally ahead of Macri in the first round of voting back in October. As Argentinean law requires that a presidential candidate must receive 45 percent of the votes in order to be elected, the country was compelled to have its first ever Presidential run-off election. Macri lost to Scioli by 36.7 percent to 34.5 percent in October.

End of Kirchnerism

Marci’s win in the run-off election puts an end to 12 years of what has come to be known as “Kirchnerism,” a time characterized by widespread social programs and leftwing politics. When his victory is confirmed, Argentina's government will make a move toward more conservative politics.

During his campaign, Macri promised to introduce more pro-business policies, reduce inflation, and strive to mend Argentina’s troubled foreign policy with the U.S.

Scioli, by contrast, has been vocal about his desire to keep current Argentine strategies going just as they are. In an interview in The Economist, Sciloi said, “The country is already stable,” adding, “No shock or comprehensive economic package is needed.”

Loud cheers were reported coming from Macri's campaign headquarters as the news of his impending win was released. Later, during a victory speech, Macri promised to boost the economy, defend democracy, and take on drug trafficking.

According to The Guardian, Marci said, “This is a historic day,” adding, “What emotion, what happiness, what hope.”