International News: El Salvador’s President Bukele sworn in for second term; Aims to revitalize economy

By Horace Palacio: On Saturday, El Salvador’s President Nayib Bukele took office for a second term, pledging to cure the “illnesses” of the nation by addressing the economy, following his successful campaign against gang violence during his first five years in office.

Bukele, a 42-year-old former nightclub manager, was reelected in a landslide victory in February with more than 80% of the vote, following a controversial court decision that allowed his re-election despite the constitutional prohibition. “Salvadoran society is still sick but it no longer has cancer,” Bukele declared from the balcony of the National Palace in San Salvador. The “cancer” referred to the criminal gangs that once plagued the country, making it one of the most dangerous in the world. His leadership saw mass arrests that significantly curbed gang activities.

“Now that we have fixed the most urgent issue, which was security, we are going to focus on the important problems, starting with the economy,” said Bukele, adding that his “prescription is working.”

The swearing-in ceremony was held amid tight security after police thwarted a bomb threat. Seven individuals were arrested for plotting to detonate explosives at various locations across the country. Authorities identified the suspects as part of the Salvadoran Insurrection Brigade.

Dignitaries attending the ceremony included Argentina’s libertarian President Javier Milei and Donald Trump Jr., the son of former U.S. President Donald Trump. Notably, Belize’s Prime Minister Johnny Briceño also attended, underscoring regional solidarity.

Bukele’s first term saw the suspension of civil liberties to arrest over 80,000 Salvadorans without charge, a move that drew international criticism from human rights groups but earned him a devoted following domestically for restoring safety.

As public concern shifts to the economy, Bukele faces fresh challenges. More than a quarter of Salvadorans live in poverty, and unemployment is rising. His ambitious plans for Bitcoin City, a tax-free crypto haven powered by geothermal energy from a volcano, have yet to materialize, and private investment has declined. El Salvador’s public debt has soared to over $30 billion, or 84% of the country’s gross domestic product.

Economists warn that the government faces a delicate balance in reducing national debt without cutting essential social benefits. Julia Evelyn Martínez, an economist based in San Salvador, cautioned, “They could end up generating a critical situation for women and households in rural areas.”

As Bukele embarks on his second term, the eyes of the region and the world will be on his efforts to rejuvenate the economy while maintaining the security gains of his first term.

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