UPDATE 1-El Salvador's president celebrates landslide legislative election win

(Adds sovereign dollar bond details)

SAN SALVADOR, March 2 (Reuters) - El Salvador's President Nayib Bukele declared a major victory in legislative elections, citing a projection that his party and its allies had won the biggest congressional majority in the country's history.

"Historic! Thank you Salvadoran people. Thank God," Bukele said late on Monday night, tweeting a graphic that projected his party and ally GANA would take 61 of the 84 seats in Congress.

A preliminary count by electoral authorities showed Bukele's New Ideas party and its allies had won some 70% of the vote, but the seat distribution will not be known until a final count that will take several days.

Bukele, 39, is one of the world's youngest leaders. He won a landslide victory in 2019 on a pledge to root out corruption, but has faced criticism from rights groups and foreign powers for what they see as his autocratic leanings.

With the landslide victory, the New Ideas party will have a sweeping ability to elect an attorney general and Supreme Court judges, and approve budgets and constitutional reforms in the Central American nation.

El Salvador sovereign dollar bonds jumped after Bukele's announcement, with many issues trading at their highest levels in a year. (Reporting by Nelson Renteria; Writing by Cassandra Garrison; Editing by Jonathan Oatis and Paul Simao)

03/02/2021 18:23

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