Costa Rica's former finance minister Rodrigo Chaves speaks to supporters at his headquarters in San Jose, Costa Rica, after winning a presidential runoff election, April 3, 2022. (CARLOS GONZALEZ / AP)

SAN JOSE - Costa Rica's former president Jose Maria Figueres of the National Liberation Party conceded defeat to former finance minister Rodrigo Chaves of the Social Democratic Progress Party in the second round of presidential elections on Sunday.

According to the country's Supreme Electoral Tribunal, with 95.93 percent of polling stations reported, Chaves is the winner of the election by garnering 52.86 percent of the vote, followed by Figueres with 47.14 percent of the vote.

"Costa Rica has voted and the people have spoken. We as democrats will always be respectful of that decision. I congratulate Rodrigo Chaves and wish him the best," said Figueres.

READ MORE: Chaves leads polls ahead of tight Costa Rica run-off election

Chaves has not yet delivered his victory speech.