2024-07-24 16:55:16
El Salvador’s President Nayib Bukele on Tuesday ratified a law that suspends tariffs on 116 products for ten years to contain rising food prices, the Presidential Palace reported.
“President Nayib Bukele has approved the Special Law to Promote Competitiveness and Facilitate Access to Products in the Expanded Basic Basket,” he said on his X account.
Bukele said on Tuesday that the measure would generate “more international competition and more local production at the same time.”
In addition to food, the law also suspends for ten years import tariffs on agricultural products such as fertilizers, manures, animal feed, among others.
The measure has been criticised by producers, economists and opposition politicians who believe it will encourage food imports to the detriment of national production.
The cost of the basic food basket per family, according to the Central Reserve Bank, is 256.56 dollars per month, compared to a stagnant minimum wage of 243 dollars in the agricultural sector, 359 in the maquila sector and 365 in commerce and industry.
According to official data, El Salvador imports 90% of its legumes, vegetables and fruits, as well as a large part of its cereals, oils, milk, meat, canned products and basic grains such as beans, among others.
At the beginning of July, the government began inspections in supermarket chains after Bukele ordered a crackdown on corporate “mafias” due to rising food prices.
The president also opened mobile agricultural markets to promote direct sales and avoid intermediaries in an attempt to contain price increases.
with ob/d
© Agencia France-Presse
