Fitch says the ruler is subverting democratic controls over his authority and therefore the rule of law.
Fitch Solutions Country Risk & Industry Research has issued serious warnings to the Bukele government, warning it that its abuses of power and its actions aimed at subverting democratic institutions that oppose such abuses are threatening weaken the rule of law and, with it, the attraction that the Salvadoran market may have for foreign investors.
Fitch bases his report (translated from English) on a series of facts that justify the diagnosis. Thus, the company predicts that “Bukele’s repeated clashes against the Legislative Assembly, the Supreme Court of Justice (SCJ) and the media will weaken the weights and counterweights that establish controls over his authority.”
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He also notes that, “in addition to having occupied the Legislature militarily in February, Bukele has ignored orders issued by the Supreme Court of Justice and mobilized to obstruct investigations into how government contracts were awarded during the pandemic. of the COVID- 19 “.
He also adds that “throughout his tenure Bukele has sought to subvert and silence his opponents in the media.” The report then goes on to conclude: “In the long run, the subversion that Bukele is making of institutional democratic controls over his authority could weaken the rule of law. This in turn would weaken the business environment. of country, limiting the attractiveness of Salvadoran market by foreign investors “.
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Asked about the opinions of Fitch, Eng. Manuel Hinds pointed out that he totally agrees with them, and that these are the general opinions in international environments, which is very negative for the country and for the possibilities of creating jobs to get out of the low. current production.
Lawyer Francisco Bertrand Galindo also agreed, noting that legal certainty is essential to attracting and maintaining investment and employment, and that the current government is negatively affecting not only in terms of changing rules but, even worse, in terms to remove the rules, replacing them with arbitrary decisions by the president.
The two professionals consulted also agreed that these arbitrariness, and the continuing attack on democratic institutions, are destroying not only foreign but also domestic investment capacity.