(Bloomberg) — El Salvador President Nayib Bukele — who made Bitcoin his nation’s legal currency and jailed tens of thousands of gang members — said Thursday he’ll seek a second five-year term, despite criticism from human rights groups and warnings the country is close to default.
Most Read from Bloomberg
In a speech on the nation’s independence day, the 41-year-old former mayor of San Salvador said he anticipated criticism from other countries over the decision to run again next year.
“It’s certain that more than one developed country won’t agree with this decision,” Bukele said. “But they’re not the ones who get to decide. The people of El Salvador do.”
Bukele enjoys approval ratings that are among the highest of any leader in the Americas, including wide support for his hard line approach on crime.
Read more: Taking Stock of El Salvador’s Bitcoin Gamble at One-Year Mark
A poll by Cid Gallup in April showed that 91% of those surveyed supported Bukele’s crackdown on criminal gangs that regularly put El Salvador near the top of the list in terms of most homicides per capita. Human rights groups, however, have criticized a lack of due process, arbitrary and violent arrests and deaths in custody.
Ahead of Bukele’s announcement, El Salvador’s credit rating was downgraded on Thursday by Fitch Ratings, who said that its high current-account deficit and large upcoming amortizations on international debt make “default of some sort probable.” The new CCC rating puts the Central American nation on a par with war-ravaged Ukraine.
Read more: El Salvador Cut by Fitch as Default Becomes More ‘Probable’
Most Read from Bloomberg Businessweek
©2022 Bloomberg L.P.
