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Monday, March 01, 2021, 23:41
Bukele gains more power with El Salvador Congress landslide
By Bloomberg
Monday, March 01, 2021, 23:41 By Bloomberg

Salvadoran President Nayib Bukele delivers a press conference at a hotel in San Salvador, on February 28, 2021. (STANLEY ESTRADA / AFP)

Allies of President Nayib Bukele won a landslide in El Salvador congressional elections on Sunday, concentrating power in the 39-year-old leader and paving the way for a possible deal with the International Monetary Fund.

Bukele’s Nuevas Ideas party and its allies appeared to have secured about two thirds of votes cast, according to a chart published with 80 percent of ballot sheets tallied. The graphic omitted the percentages obtained by each party.

President Nayib Bukele said in a tweet that his party and the allied GANA party would get 60 seats, more than the 56 needed for a qualified majority

Bukele said in a tweet that his party and the allied GANA party would get 60 seats, more than the 56 needed for a qualified majority. A majority in congress would remove the main check on the popular president’s influence, and would make it easier for him to advance his agenda, issue debt and seek an IMF deal.

ALSO READ: El Salvador's Bukele poised for majority in mid-term votes

It would also alarm critics, including some US lawmakers, who say the Central American nation is sliding toward authoritarianism. Since his election in 2019, Bukele has repeatedly clashed with the legislature, which until now had been controlled by his opponents, and last year he even sent troops into the building.

The Arena and FMLN parties, which dominated the country for decades, appeared to have fared poorly winning only about a quarter of votes cast between them. Turnout was 51 percent, the electoral authority said.

Nayib Bukele, El Salvador's president, and First Lady Gabriela Bukele depart after casting a ballot at a polling station during legislative elections in San Salvador, El Salvador, on Sunday, Feb 28, 2021. Bukele is seeking to expand his power in Congress with voters heading to the polls Sunday in a legislative election that could also pave the way for an International Monetary Fund program.

Investors are betting that with a strong result, the government will reach out to the IMF in the near future. An agreement with the Fund would likely include fiscal austerity to reign in a deficit that widened to more than 8 percent of GDP last year. Such a program would require approval from two-thirds of congress.

ALSO READ: El Salvador Supreme Court orders state of emergency suspended

El Salvador’s benchmark dollar bonds due in 2052 climbed by 0.7 cent to 105.73 cents on the dollar on Monday, the highest in almost six months.

Bukele’s victory could also set the stage for constitutional changes, a worrisome development for critics who see him amassing excessive power.

Vice President Felix Ulloa has said he hopes to present constitutional reforms to congress later this year, which may include changes to presidential term limits. Under current law, reforms would require approval by two consecutive legislatures, meaning not until 2024.

Bukele’s attacks on corruption, and on the conservative Arena party and the leftist FMLN have helped keep his approval rating around 90 percent since taking office. His government also boasted about its harsh treatment of jailed gang members, winning approval of some people in one of the world’s most crime-ridden countries.

READ MORE: El Salvador lines up semi-naked gang members for grim prison photos


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