La Paz, Bolivia: Bolivian President Evo Morales conceded on Wednesday he had lost a bid to seek a fourth term in office, after 51 percent of voters rejected the move in a weekend referendum.

‘We respect the results, it is part of democracy,’ the socialist leader told a press conference at the presidential palace, adding: ‘The struggle goes on.’

‘We have lost a democratic battle, but not the war,’ said the 56-year-old president as he acknowledged his first direct election defeat since taking office in 2006.

Morales had promised to respect the results of Sunday’s vote on a constitutional reform that would have let him run for re-election to extend his time in office to 19 years. His current term ends in 2020.

But he had insisted on waiting for full results to come in from rural areas where he has strong support, and from abroad, before admitting defeat.

With 99.72 percent of votes counted, the Bolivian electoral board said Tuesday night that 51.3 percent of voters cast ‘no’ ballots in the referendum, against 48.7 percent voting ‘yes.’

In January, Morales became the longest-serving president since Bolivia’s independence from Spain in 1825 -- in a country better known for its numerous military coups.

Bolivia’s mineral and gas-rich economy has more than tripled in size during his decade in office. But opponents accuse him of presiding over corruption and wasteful spending.

Morales sought Wednesday to play down the significance of the result, insisting that his Movement to Socialism (MAS) party still enjoyed broad support.

‘It is one thing to vote for a change (in the constitution), it’s another to back a candidate,’ he said.