Wednesday, 07 July 2021 01:47

Minister of Economy: "El Salvador has a robust financial system, investment funds and deposits are growing"

Written by Alondra Gutiérrez

The minister of Economy, María Luisa Hayem, stated that the salvadoran economy will continue to grow despite the Covid-19 pandemic.

The Minister of Economy, during a television interview, discussed the levels of economic recovery, growth projections for the country and the increase in the minimum wage, which have had greater relevance in recent days.

The Minister of Economy said that the country has a robust financial system and that investment funds and deposits are growing, according to figures published by the Superintendencia del Sistema Financiero (SSF).

"El Salvador has a robust financial system and the figures published yesterday by the Superintendencia del Sistema Financiero (SSF) are evidence of this. Investment funds and deposits are growing", she said.

She added that exports have grown by 8.8% and imports by 18.7% as well as remittances by 33%.

"In this period, we are confident that the economy will continue this growth rate, where our exports have grown 8.8%, imports 18.7% and remittances 33%", she said.

She said that the entity is working with the business sector to implement a plan of "Trade Facilitation" with the aim of reducing the costs of mobilization of goods, digitize all services and create the human talent that companies need.

Among the topics developed, the head of Economy, said that before the increase to the minimum wage to 20% this initiative seeks to support micro, small and medium enterprises (MSMEs), this for a year.

"Along with the increase in the minimum wage, we are working on a set of actions to support micro, small and medium enterprises, to absorb the cost of the increase in the period of one year, for example, the trust fund of the Banco de Desarrollo de El Salvador (BANDESAL)", said the minister of Economy.

The minister said that a strong leadership is being established with the Defensoria del Consumidor (DC) with the inspection plan to avoid abuses and increases in the products of the basic food basket.