Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Top Stories > El Salvador’s Bukele re-elected as president in landslide win
    Top Stories

    El Salvador’s Bukele re-elected as president in landslide win

    El Salvador’s Bukele re-elected as president in landslide win

    Published by Uma Rajagopal

    Posted on February 5, 2024

    Featured image for article about Top Stories

    El Salvador’s Bukele re-elected as president in landslide win

    By Nelson Renteria and Sarah Kinosian

    SAN SALVADOR (Reuters) -President Nayib Bukele on Sunday secured a thumping victory in El Salvador’s elections after voters cast aside concerns about erosion of democracy to reward him for a fierce gang crackdown that transformed security in the Central American country.

    Thousands of Bukele’s supporters clad in cyan blue and waving flags thronged San Salvador’s central square to celebrate his re-election, which the 42-year-old leader termed a “referendum” on his government.

    Bukele declared himself the winner before official results were announced, claiming to have attained more than 85% of the vote. Provisional results showed Bukele winning 83% support with 31% of the ballots counted.

    His New Ideas party is expected to win almost all of the 60 seats in the legislative body, tightening its grip on the country and bestowing even more sway on Bukele, the most powerful leader in El Salvador’s modern history.

    “All together the opposition was pulverized,” Bukele, standing with his wife on the balcony of the National Palace, told his supporters.

    “El Salvador went from being the most unsafe (country) to the safest. Now in these next five years, wait to see what we are going to do,” Bukele added.

    New Ideas’ electoral success means Bukele will wield unprecedented power and be able to overhaul El Salvador’s constitution, which his opponents fear will result in scrapping of term limits.

    Wildly popular, Bukele has campaigned on the success of his security strategy under which authorities suspended civil liberties to arrest more than 75,000 Salvadorans without charges. The detentions led to a sharp decline in nationwide murder rates and fundamentally altered a country of 6.3 million people that was once among the world’s most dangerous.

    But some analysts have said the mass incarceration of 1% of the population is not sustainable long-term.

    Hours earlier, bullish Bukele held a press conference and said his party needed all the support it could muster to maintain its anti-gang fight and continue reshaping El Salvador.

    “So, if we have already overcome our cancer, with metastases that were the gangs, now we only have to recover and be the person we always wanted to be,” said Bukele.

    Few doubted the outcome of the elections. Polls showed most voters wanted to reward Bukele for decimating the crime groups that made life intolerable in El Salvador and fueled waves of migration to the United States.

    Guadalupe Guillen, a 55-year-old shopkeeper, showed up at the victory party dressed in a tunic and Arab scarf, a nod to Bukele’s Palestinian family heritage.

    “We are celebrating, thanking him, thanking God, for getting us out of this gang problem. We don’t want to go back to that horrible past,” said Guillen, who added she no longer pays $300 in extortion to the gangs every fortnight.

    “Democracy is not at risk because all the people have voted for him,” said Guillen, echoing the government’s stance regarding concerns by Western countries of authoritarian drift under Bukele.

    Candidates for FMLN and ARENA, two parties that rotated power between them until 2019, were set to receive single digit support as voters once again rejected traditional parties whose rule was marked by violence and corruption for decades.

    ECONOMIC WOES

    A firebrand politician who often spars with foreign leaders and critics on social media, Bukele came to power in 2019 trouncing traditional parties with a vow to eliminate gang violence and rejuvenate a stagnant economy.

    He used his New Ideas party’s supermajority in the legislative assembly to pack the courts with loyalists and overhaul state institutions, solidifying his control of key parts of the government. He also championed the introduction of Bitcoin as legal tender, drawing criticism from the International Monetary Fund (IMF).

    El Salvador’s Supreme Electoral Tribunal last year permitted him to run for a second term even though the country’s constitution prohibits it. Opponents fear Bukele will seek to rule for life, following President Daniel Ortega from next-door Nicaragua.

    “Everyone knows it is unconstitutional to re-elect the president but what people want is security. They don’t care if it is unconstitutional, they just want to feel safe,” said Josue Galdamez, 39, a businessman and trader who supported Bukele because of his crusade against gangs.

    When asked on Sunday by reporters if he planned to reform the constitution to include indefinite re-election, Bukele said he “didn’t think a constitutional reform would be necessary,” but did not directly answer questions on whether he would try to run for a third term.

    The Chinese Embassy in San Salvador in a post on X congratulated Bukele and his party “for the historic victory in these elections.”

    Rights groups have said El Salvador’s democracy is under attack. Bukele has taken such concerns in stride, at one point changing his profile on X to say: “World’s coolest dictator.”

    Bukele’s biggest challenge in his second term is likely to be the economy, Central America’s slowest growing during his time in power. More than a quarter of Salvadorans live in poverty.

    Extreme poverty has doubled and private investment has tumbled under Bukele. There has not been much momentum on his highly publicized plans for Bitcoin City, a tax-free crypto haven powered by geothermal energy from a volcano.

    The IMF, which is negotiating a $1.3 billion bailout with El Salvador, in late 2023 described the country’s fiscal situation as “fragile.”

    (Reporting by Nelson Renteria and Sarah Kinosian; Additional reporting by Diego Ore; Writing by Drazen Jorgic and Sarah Kinosian; Editing by Will Dunham, Chizu Nomiyama, Nick Zieminski and Sonali Paul)

    Related Posts
    Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    A Notable Update for Employee Health Benefits:
    A Notable Update for Employee Health Benefits:
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    Hebbia Processes One Billion Pages as Financial Institutions Deploy AI Infrastructure at Unprecedented Scale
    Hebbia Processes One Billion Pages as Financial Institutions Deploy AI Infrastructure at Unprecedented Scale
    Beyond Governance Fatigue: Making ESG Integration Work in Financial Markets
    Beyond Governance Fatigue: Making ESG Integration Work in Financial Markets
    Why I-9 Verification Matters for Financial Institutions: Building a Culture of Compliance and Trust
    Why I-9 Verification Matters for Financial Institutions: Building a Culture of Compliance and Trust
    Curvestone AI partners with The White Rose Finance Group to enhance compliance file reviews
    Curvestone AI partners with The White Rose Finance Group to enhance compliance file reviews
    LinkedIn Influence in 2025: Insights from Stevo Jokic on Building Authority and Trust
    LinkedIn Influence in 2025: Insights from Stevo Jokic on Building Authority and Trust

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Top Stories PostHipgnosis Songs Fund to seek indemnity from Mercuriadis over legal claims
    Next Top Stories PostNokia signs 5G patent deal with China’s Vivo

    More from Top Stories

    Explore more articles in the Top Stories category

    Should You Take the Dealer’s Bike Insurance or Buy Online Yourself? Here’s the Real Difference

    Should You Take the Dealer’s Bike Insurance or Buy Online Yourself? Here’s the Real Difference

    ID-Pal Unveils ID-Detect Enhancements to Counter Surge in Digital Manipulation and Deepfakes

    ID-Pal Unveils ID-Detect Enhancements to Counter Surge in Digital Manipulation and Deepfakes

    TRUST TAKES THE LEAD: HALF OF UK SHOPPERS HAVE ABANDONED ONLINE PURCHASES OVER SECURITY CONCERNS

    TRUST TAKES THE LEAD: HALF OF UK SHOPPERS HAVE ABANDONED ONLINE PURCHASES OVER SECURITY CONCERNS

    Why Choose Premium Driver Service in Miami Over Rideshare Apps for Business Travel and Special Events?

    Why Choose Premium Driver Service in Miami Over Rideshare Apps for Business Travel and Special Events?

    Over 30 Million Users Benefit From Ant International’s Bettr Credit Tech Solutions

    Over 30 Million Users Benefit From Ant International’s Bettr Credit Tech Solutions

    Side-Hustle Economics: How Part-Time Service Work Can Strengthen Your Financial Plan

    Side-Hustle Economics: How Part-Time Service Work Can Strengthen Your Financial Plan

    London to Host Major Summit on “New Horizons” for Islamic Economy in the UK

    London to Host Major Summit on “New Horizons” for Islamic Economy in the UK

    BLOXX Launches World’s First Home Equity Subscription, Creating a New Residential Asset Class

    BLOXX Launches World’s First Home Equity Subscription, Creating a New Residential Asset Class

    LiaFi Addresses Gap Between Business Transaction and Savings Accounts

    LiaFi Addresses Gap Between Business Transaction and Savings Accounts

    Ant Group Chairman Eric Jing Outlines Strategy for Inclusive AI, Collaboration on Tokenised Settlement

    Ant Group Chairman Eric Jing Outlines Strategy for Inclusive AI, Collaboration on Tokenised Settlement

    Deeply Cultivating the Syndicated Loan and Cross-Border Financing Fields: Empowering Chinese Banks’ Global Expansion with Professional Excellence

    Deeply Cultivating the Syndicated Loan and Cross-Border Financing Fields: Empowering Chinese Banks’ Global Expansion with Professional Excellence

    Ant International’s Antom Launches AI‑Powered MSME App for Finance and Business Operations

    Ant International’s Antom Launches AI‑Powered MSME App for Finance and Business Operations

    View All Top Stories Posts