EL Salvador (Washington Insider Magazine)— Nayib Bukele, the president of El Salvador, is set to be sworn in for a second term, riding on a wave of popularity that has helped him consolidate his power and influence in the country. He committed to addressing economic challenges following significant strides in boosting national security. During his inauguration speech from the balcony of the National Palace, Bukele underscored the need to address economic issues, acknowledging that some measures might be difficult for the populace.
Inauguration Highlights
On Saturday, Bukele, 42, was sworn in for a second term. In a suit with a gold collar and cuffs, he accepted the presidential sash from parliamentary leader Ernesto Castro in front of a gathering of fans and international dignitaries at the National Palace. After the ceremony ended, a military parade took place, with aircraft flying the Salvadoran flag’s colours.
Security Achievements
Bukele’s administration has focused mainly on eradicating gang violence, an effort he claimed has been successful. “We have already fixed the most urgent thing, which was security. “We are going to focus squarely on the important problems, starting with the economy,” Bukele stated. However, he warned that economic reforms might involve “bitter medicine” but are necessary for long-term prosperity.
Economic Challenges Ahead
According to Elobservador, El Salvador faces major economic hurdles, including a $30 billion public debt and a slowdown in GDP growth. Nearly a third of the population lives in poverty. Bukele’s government aims to address these issues, promising transformative economic policies. Bukele called on Salvadorans to staunchly support forthcoming decisions, similar to their backing of his security policies.
Political Power Consolidation
Bukele’s recent electoral victory, where he secured 85% of the vote and nearly all congressional seats, has granted him substantial political power. A recent reform approved by deputies could enable constitutional changes, potentially allowing indefinite reelection. Critics argue that Bukele’s consolidation of power undermines democratic checks and balances.
Controversies and Criticisms
Human Rights Watch and Amnesty International have criticized Bukele’s security measures, citing deaths, torture, and arbitrary detentions during the state of emergency declared in March 2022. Despite these concerns, Bukele’s popularity remains high, largely due to his tough stance on gangs.
Economic Policies and Bitcoin
Bukele made El Salvador the first government in the world to declare Bitcoin legal cash in 2021 in an attempt to revitalize the dollarized economy reliant on remittances, However, in everyday life, it rarely circulates.
Future Prospects
After the focus has shifted to economic reforms, Bukele’s administration faces the challenge of maintaining public support while implementing potentially unpopular measures. The success of these efforts will be essential in shaping the future of El Salvador under Bukele’s leadership.
