Yahoo TV

Peru's electoral authority on Monday named socialist Pedro Castillo as the country's next President, as his supporters celebrated across the capital, Lima.

"At this moment, I call for the broadest unity of the Peruvian people… We Peruvians can; we Peruvians will manage true economic development, guaranteeing legal and economic stability."

Castillo came out of the June 6 run-off vote ahead by over 40,000 votes.

The official result was delayed for over a month, as his challenger, right-wing candidate Keiko Fujimori, appealed votes over fraud accusations, despite having little evidence.

But on Monday, Fujimori admitted defeat.

"I am going to recognize the results because it is what the law and the constitution that I have sworn to defend, mandates.”

She also lashed out at Castillo’s victory and policies.

“The truth is going to come out anyway. We are all going to work together to reestablish legitimacy in our country. Now it is our turn to face a new stage together, which will be very difficult because communism will not come to power to let it go.”

The Organization of American States, European Union and Britain have all said the election was clean.

Castillo is a former school teacher and son of farmers.

He’s pledged to redraft the country’s constitution and hike taxes on mining, but that message has softened in recent weeks.

Castillo is set to take office next week for a five-year term.