El Salvador to Strengthen Businesses and Business Environment in 2024.

The Ministry of Economy in El Salvador is gearing up to allocate $57.5 million in 2024 to further boost the country’s economic dynamism. President Nayib Bukele’s government has outlined ambitious economic plans for 2024, focusing on reducing bureaucracy, accelerating business activities, attracting investments, and creating jobs.

As detailed in a press release from Casa Presidencial, the 2024 General Budget of the Nation (PGN) has earmarked $57.5 million for the Ministry of Economy. These funds are intended to pave the way for “significant, inclusive, and sustainable development in the country.”

The Ministry of Economy oversees various affiliated institutions and manages routine programs, such as engaging with the business sector, ensuring compliance with and benefit from trade agreements, among other responsibilities outlined in next year’s budget plan.

Official data reveals that one of the primary focuses of the Ministry in 2024 will be Innovation and Competitiveness, with an estimated investment of $3.24 million. This investment is aimed at supporting the progress of businesses by providing them with various tools and access to value chains, which, in turn, can lead to job creation and opportunities for other enterprises.

For the Commerce and Investments category, the budget allocates a total of $2.07 million. In this case, the tasks to be undertaken include assisting companies in increasing their production, enhancing their market positioning internationally, managing trade agreements to ensure compliance, and promoting exchanges with other countries.

The budget also includes support for the ten institutions affiliated with the Ministry of Economy, for which a proposed budget of $36.77 million has been designated. These government entities have diverse functions, all aimed at fostering the growth of productive units, expanding their networks, and safeguarding the Salvadoran population against potential abuses by providers of goods and services.

Lastly, the Government of El Salvador has allocated $8.59 million for Economic Development Programs, maintaining its commitment to enhancing the capabilities of businesses and the business environment.

In total, the budget for the upcoming year amounts to $9,068.7 million, with 40.7% of it allocated to Health, Education, and Security, equivalent to $3,694.1 million. Furthermore, the budget gap stands at $472 million, a reduction from the $496 million recorded in 2023, owing to the efficient planning and resource management during the Bukele administration, as reported by the Ministry of Finance.