El Salvador: Funes promises to continue with dollarization and CAFTA

The candidate for FMLN, which is topping voting polls, said that if he wins the presidency in 2009 he will continue with a dollarized economy and up hold all trade agreements that are in force.

Friday, September 26, 2008

Funes acknowledge that his party, the Farabundo Marti Front for National Liberation (FMLN), opposed the dollarization which begun in January 2001 from the start.

"Far from having brought us to the promised paradise it has highlighted our weaknesses...Still, I am convinced that at the moment the cost of undoing the dollarization is greater than maintaining it," the candidate said on Thursday night at a business meeting.

I reaffirm my commitment to maintain the dollarization of the economy and to respect the trade agreements, including the FTA with the US, he indicated.

More on this topic

The New Salvadoran Economic Team

May 2009

Federico Colorado, president of the National Association of Private Enterprise, welcomed the appointments announced by the president-elect.

Economist Alexander Segovia will be technical secretary to the presidency, legislator Héctor Dada Hirezi will be Minister of the Economy, economist Carlos Cáceres will be Finance Minister and economist Carlos Acevedo will be president of the Central Bank.

With Funes El Salvador will maintain dollarization

May 2009

President-elect Mauricio Funes reiterated that he will not eliminate dollarization because it would involve greater costs for the financial system.

In the "Dialogue on Economic and Social Policies" meeting of the Inter-American Development Bank (IDB), World Bank (WB) and International Monetary Fund (IMF), which he attended with his government team, he was consulted on the steps he would follow to counter dollarization effects.

FMLN's Candidate Holds Small Lead in El Salvador's Election

March 2009

According to a poll by CID-Gallup, El Salvador's presidential election could be very close. 39% of respondents would vote for Mauricio Funes while 35% would back Rodrigo Ávila.

The article published by Angus Reid Global Monitor on its website states: "In September 2007, Funes became the FMLN’s presidential nominee. In March 2008, Ávila, a former National Police chief, won ARENA’s three-candidate internal nationwide primary."

Leftist in El Salvador will respect Mexican investments

December 2008

Candidate Mauricio Funes met with Mexican magnates Carlos Slim and Ricardo Salinas promising to respect their investments in case he wins the elections.

Funes, former news anchor for CNN, is the favorite to win the elections to select a successor to president Elias Antonio Saca from the right.

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