Evo Morales dedicated his historic election victory yesterday, winning an unprecedented presidential third term, to Fidel Castro and Hugo Chavez.

“There is a deep feeling, not just in Bolivia but in the Americas, of freedom, of a triumph for all anti-imperialists,” Mr Morales said.

The Bolivian president romped home with 60 per cent of the vote against 25 per cent for wealthy businessman Samuel Doria Medina.

“This was a debate on two models — nationalisation or privatisation. Nationalisation won with more than 60 per cent,” Mr Morales told thousands of cheering supporters from the balcony of the presidential palace in La Paz.

“We are going to keep growing and we are going to continue the process of economic liberation.”

Fireworks exploded above the palace as Morales loyalists chanted: “Evo, Evo.”

The president headed the field in eight out of the country’s nine states, including former opposition stronghold Santa Cruz, an agribusiness centre in the eastern lowlands where he polled 51 per cent.

The Aymara-speaking leader, who remains the honorary president of Bolivia’s coca growers’ union, has indicated that he intends to pursue his programme of “indigenous socialism.”

His Movement Towards Socialism government has nationalised key industries such as oil and gas to finance welfare programmes, including pensions for the elderly, and to build new roads and schools.

Venezuelan President Nicolas Maduro took to Twitter to welcome the election result, tweeting: “Evo, a great victory of the South American homeland, from Venezuela we send you a hug and congratulations, let’s carry on winning.”

Salvadorean President Salvador Sanchez Ceren tweeted that the election “strengthens democracy, Bolivia continues building hope for Latin America and the world.”

Argentinian President Cristina Fernandez and Uruguayan leader Jose Mujica both called Mr Morales to congratulate him.

President Morales’s opponents have found it difficult to smear him because of his government’s economic record in spreading the benefits of the country’s mineral wealth.

He has delivered 5 per cent annual economic growth, while the number of Bolivians living in extreme poverty has fallen to one in five from more than a third of the population of 10 million in 2006.