Fitch says the ruler undermines democratic control over his authority and thus the rule of law.
Fitch Solutions Country Risk & Industry Research has issued dire warnings to the Bukele government, pointing out that its abuse of power and its actions aimed at undermining democratic institutions opposing such abuses threaten to weaken the rule of law and, with it, its appeal. which the Salvadoran market may have for foreign investors.
Fitch bases his report (translated from English) on a series of facts that justify the diagnosis. For example, the company foresees that “Bukele’s repeated clashes against the Legislative Assembly, the Supreme Court (CSJ) and the media will weaken the checks and balances that establish control over his authority.”
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It also notes that “Bukele not only occupied the legislature militarily in February, but also disobeyed orders from the Supreme Court and worked to obstruct investigations into how government contracts were allocated during the COVID-19 pandemic. 19 “.
He also adds that “Throughout his tenure, Bukele has sought to undermine and silence his opponents in the media.” The report then concludes: “In the long run, Bukele’s undermining of institutional democratic control over his authority could weaken the rule of law. This, in turn, would weaken the country’s business climate and limit the appeal of the Salvadoran market to foreign investors. “
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Asked for Fitch’s opinion, be Eng. Manuel Hinds insists that he fully agrees, and that these are general opinions in international settings, which is very negative for the country and for job creation opportunities to emerge from the current low production.
Attorney Francisco Bertrand Galindo also agreed, noting that legal certainty is essential to attract and retain investment and employment, and that the current government is negatively impacting not only in terms of changing rules, but worse , in terms of eliminating the rules, replacing them with arbitrary decisions by the president.
The two professionals consulted also agreed that this arbitrariness, and the constant attack on democratic institutions, is destroying investment capacity, not only foreign but also national.