El Salvador Invests $57.5M in Economic Boost for 2024: Bukele’s Plan Prioritizes Innovation and Business Growth

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By Marco Echevarria

The El Salvador Ministry of Economy plans to allocate $57.5 million in 2024 to enhance the country’s economic momentum. President Nayib Bukele’s government has set bold economic targets for 2024, aiming to cut down bureaucracy, speed up business processes, draw investments, and generate jobs.

A press release from Casa Presidencial states that the 2024 General Budget of the Nation (PGN) has set aside $57.5 million for the Ministry of Economy. They aim to use these funds to drive “meaningful, inclusive, and lasting growth in the country.”

The Ministry of Economy runs several associated institutions and conducts regular programs. These include interacting with the business sector, ensuring they adhere to and benefit from trade agreements, and other duties listed in the budget plan for the upcoming year.

Official figures indicate that the Ministry will prioritize Innovation and Competitiveness in 2024, investing an estimated $3.24 million. They intend this investment to bolster businesses by offering them various tools and entry to value chains. This can then result in job openings and prospects for other companies.

The budget has set aside $2.07 million for the Commerce and Investments sector. The ministry will assist companies in boosting their output, improving their global market stance, managing trade agreements for compliance, and fostering international exchanges.

Additionally, the budget supports the ten institutions under the Ministry of Economy’s umbrella, designating a proposed $36.77 million for them. These governmental bodies perform varied roles, all focusing on amplifying the growth of productive entities, extending their connections, and protecting Salvadorans from potential misconduct by goods and service providers.

Furthermore, the El Salvador Government has reserved $8.59 million for Economic Development Programs, reaffirming its dedication to amplifying businesses’ skills and the commercial environment.

In total, the budget for the next year totals $9,068.7 million. Health, Education, and Security take up 40.7% of it, amounting to $3,694.1 million. The budget deficit is $472 million, a decrease from 2023’s $496 million, thanks to the efficient planning and resource allocation under the Bukele administration, as the Ministry of Finance reported.