Connect with us

Business

The president of Mexico turns to allies so that the main financial works support social change

Published

on

The president of Mexico turns to allies so that the main financial works support social change

Article content

MEXICO CITY – Mexico’s President Andrés Manuel López Obrador on Wednesday appointed his Finance Minister to head the central bank and chose a close ally to lead the Finance Ministry and help it realize its vision of an economy. fairer during the last half of his term.

López Obrador said on Twitter that Finance Minister Arturo Herrera would replace Banco de México president Alejandro Díaz de León, whose term ends at the end of 2021.

To replace Herrera, López Obrador chose economist Rogelio Ramírez de la O, who will be the third finance minister since the president took office in December 2018.

Ramírez faces the challenge of revitalizing the economy after two difficult years for López Obrador, whose efforts to strengthen state control of sectors such as energy were undermining business investment even before the coronavirus pandemic.

Still, fueled by huge US stimulus spending, the economy is expected to rebound strongly this year as the president nears the middle of his six-year term.

In a video posted on social media to signal the changes, López Obrador promised to boost social spending, while Ramírez said he would maintain budget discipline and prioritize Mexico’s poor.

Commercial

Article content

“We will continue to behave responsibly, without indebting the country, without spending more than we earn, with honesty and austerity,” said López Obrador.

Ramírez, educated at the National Autonomous University of Mexico and the University of Cambridge, is a longtime adviser to López Obrador and was his choice for finance minister when he first ran for president in 2006, an election he lost by little.

Herrera said he would retire in mid-July and vowed to defend the central bank’s independence. He has recently defended himself against efforts by Congress to modify his functions and the criticisms of López Obrador.

“It is very clear what role I will assume if the Senate ratifies me, and the importance of defending the autonomy of the Bank of Mexico, and I think the president understands that,” Herrera said during an interview on Mexican radio.

Jorge Gordillo, an economist at CI Banco, said Herrera’s nomination was good news as he had an established track record.

“Herrera is seen as a technical person. Know the markets; it is respected, ”he said. “But we don’t know how much Herrera will be the president’s man at Banco de México.”

Luis Gonzali, co-director of Franklin Templeton Investments in Mexico, said Herrera would likely show more independence at the bank than at the ministry. He noted that other López Obrador nominees to the Banxico board had not submitted to his will.

Díaz de León was appointed to head the central bank during the previous government. López Obrador, who regularly criticizes his predecessor, made it clear that he saw those ties as a problem and promised to choose a successor who would support “moral economy.”

Commercial

Article content

Herrera, a former World Bank executive, took over as finance minister in July 2019 when his predecessor resigned after being frustrated by the drift of politics.

Under López Obrador’s auspices, Herrera managed tight budgets as minister and managed to maintain relatively strong tax collections during a prolonged phase of weak economic growth.

Mexico’s economy entered a mild recession during López Obrador’s first full year in office and suffered a drop of 8.5% during 2020 when the pandemic took hold.

While trying to prop up the economy, Herrera has been confronted with trying to help state oil company Petróleos Mexicanos (Pemex), which is losing and heavily in debt. López Obrador has made the reactivation of Pemex a top priority.

To improve the efficiency of the company, Ramírez is known to be an advocate for the simplification of Pemex’s corporate structure, which over time has been divided into several companies. (Reporting by Dave Graham; Additional reporting by Sharay Angulo, Abraham Gonzalez Anthony Esposito and Frank Jack Daniel; Edited by David Gregorio)

Commercial

In-depth reports on the economics of innovation from The Logic, presented in association with the Financial Post.

Comments

Postmedia is committed to maintaining a lively but civilized discussion forum and encourages all readers to share their views on our articles. Comments can take up to an hour to moderate before appearing on the site. We ask that you keep your comments relevant and respectful. We have enabled email notifications – you will now receive an email if you receive a response to your comment, there is an update from a comment thread you follow, or if a user you follow comments. Visit our Community Principles for more information and details on how to adjust your E-mail settings.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Advertisement

Lifestyle

32 cute summer date ideas for every type of couple 32 cute summer date ideas for every type of couple
LifeStyle12 hours ago

32 cute summer date ideas for every type of couple

A big date is always in style, but there is something about the summer that makes planning a meeting even...

15 naturally sweetened desserts for when you’re cutting back on sugar 15 naturally sweetened desserts for when you’re cutting back on sugar
LifeStyle1 day ago

15 naturally sweetened desserts for when you’re cutting back on sugar

About a year ago, I realized (or just came out of denial …) that I needed to do something about...

What are carbohydrates?  Are they really the enemy?  Let’s find out What are carbohydrates?  Are they really the enemy?  Let’s find out
LifeStyle1 day ago

What are carbohydrates? Are they really the enemy? Let’s find out

Editor’s note: McKel Hill, MS, RDN, LDN is a dietitian and founder of Nutrition stripped away. Over the years, I...

Pea salad with mint and microgreens Pea salad with mint and microgreens
LifeStyle1 day ago

Pea salad with mint and microgreens

** This recipe is from our Tastemakers interview with Kennesha Buycks. Read the full story here! ** The Pea Salad...

Roasted Mushrooms with Thyme and Smoked Salt Roasted Mushrooms with Thyme and Smoked Salt
LifeStyle1 day ago

Roasted Mushrooms with Thyme and Smoked Salt

** This recipe is from our Tastemakers interview with Kennesha Buycks. Read the full story here! ** The post Roasted...

Roasted Mushrooms with Thyme and Smoked Salt Roasted Mushrooms with Thyme and Smoked Salt
LifeStyle1 day ago

Roasted Mushrooms with Thyme and Smoked Salt

** This recipe is from our Tastemakers interview with Kennesha Buycks. Read the full story here! ** The post Roasted...

15 quick and healthy dinner recipes to get you through the week 15 quick and healthy dinner recipes to get you through the week
LifeStyle1 day ago

15 quick and healthy dinner recipes to get you through the week

Even the most avid home cooks can occasionally go blank – sometimes, you fall into a race and just can’t...

Instagram store M’sian selling homemade tahini cookies Instagram store M’sian selling homemade tahini cookies
LifeStyle2 days ago

Instagram store M’sian selling homemade tahini cookies

With many IG companies popping up these days, fresh, locally made cookies from various recipes are one of the things...

Dinner will resume on June 21, but with a limit of just two people Dinner will resume on June 21, but with a limit of just two people
LifeStyle2 days ago

Dinner will resume on June 21, but with a limit of just two people

The Ministry of Health (MOH) announced last Thursday (June 10) that Singapore is moving into Phase 3 (Heightened Alert). While...

Moving on to pizza deliveries during MCO Moving on to pizza deliveries during MCO
LifeStyle2 days ago

Moving on to pizza deliveries during MCO

Crackhouse Comedy Club (Crackhouse) has been home to local comedians, including Dr. Jason Leong, Joanne Kam, Hannah Azlan, and Kavin...

Advertisement

Sport

Showering from Canadiens Will Isolate For 14 Days After Positive COVID Test Showering from Canadiens Will Isolate For 14 Days After Positive COVID Test
Sports15 mins ago

Showering from Canadiens Will Isolate For 14 Days After Positive COVID Test

Montreal Canadiens Head coach Dominique Ducharme will have to be quarantined for 14 days before rejoining the team after testing...

Yankees’ Gio Urshela recovers from bat splinter to eye and home run ahead in win Yankees’ Gio Urshela recovers from bat splinter to eye and home run ahead in win
Sports21 mins ago

Yankees’ Gio Urshela recovers from bat splinter to eye and home run ahead in win

Gio Urshela found out the hard way Saturday how dangerous broken bats can be. He was batting in the second...

Will MLB umpires begin checking pitchers for foreign substances on Monday? Will MLB umpires begin checking pitchers for foreign substances on Monday?
Sports22 mins ago

Will MLB umpires begin checking pitchers for foreign substances on Monday?

Major League Baseball umpires will reportedly begin checking pitchers for foreign substances on Monday, according to ESPN’s Jesse Rogers. Pitchers...

Baldwin highlights ‘lucky shot’ comment to build motivation as Gilas fights Korea again Baldwin highlights ‘lucky shot’ comment to build motivation as Gilas fights Korea again
Sports35 mins ago

Baldwin highlights ‘lucky shot’ comment to build motivation as Gilas fights Korea again

Justine Baltazar had 11 points and nine rebounds to lead Gilas PH’s charge against Indonesia. —PHOTO COURTESY OF FIBA After...

Kawhi reportedly not going to Phoenix, rehabbing at home Kawhi reportedly not going to Phoenix, rehabbing at home
Sports42 mins ago

Kawhi reportedly not going to Phoenix, rehabbing at home

It appears the Los Angeles Clippers will be without Kawhi Leonard for at least the first two games of the...

Report: Leonard will continue to rehab at home, will not travel with Clippers Report: Leonard will continue to rehab at home, will not travel with Clippers
Sports57 mins ago

Report: Leonard will continue to rehab at home, will not travel with Clippers

Los Angeles Clippers star Kawhi Leonard will reportedly not travel with the team to Phoenix and will instead continue to...

Blackhawks would be interested in Jack Eichel Blackhawks would be interested in Jack Eichel
Sports1 hour ago

Blackhawks would be interested in Jack Eichel

There are already enough teams interested in Acorn jack, and it looks like Chicago can be added to the mix....

Young PH archers aim for Tokyo tickets Young PH archers aim for Tokyo tickets
Sports1 hour ago

Young PH archers aim for Tokyo tickets

With little expectation, a young band of Filipino archers set out in search of Olympic spots starting Saturday at their...

Magic day for Hungary, disappointment for France in memorable euro draw Magic day for Hungary, disappointment for France in memorable euro draw
Sports1 hour ago

Magic day for Hungary, disappointment for France in memorable euro draw

Attila Fiola will feature prominently on all the featured reels that have been produced about Euro 2021. The Hungarian side’s...

Sergio García’s shot bounces off the flagpole at the US Open Sergio García’s shot bounces off the flagpole at the US Open
Sports1 hour ago

Sergio García’s shot bounces off the flagpole at the US Open

It’s clearly not Sergio Garcia’s day at the US Open. Garcia hit perhaps the most unfortunate shot of the entire...

Advertisement

Entertainment

Royal Ascot Fashion 2021: Royals and Celebrity Photos Royal Ascot Fashion 2021: Royals and Celebrity Photos
Entertainment3 mins ago

Royal Ascot Fashion 2021: Royals and Celebrity Photos

A royal occasion! After the coronavirus pandemic kept crowds away from Royal Ascot in 2020, the event made a strong...

Naya Rivera’s Son Josey Graduates From Pre-K as Ryan Dorsey Celebrates: ‘Proud Daddy’ Naya Rivera’s Son Josey Graduates From Pre-K as Ryan Dorsey Celebrates: ‘Proud Daddy’
Entertainment17 mins ago

Naya Rivera’s Son Josey Graduates From Pre-K as Ryan Dorsey Celebrates: ‘Proud Daddy’

Naya Rivera’s Son Josey Graduates From Pre-K as Ryan Dorsey Celebrates: ‘Proud Daddy’

Paul Walker’s daughter’s meadow looks stunning at ‘F9’ premiere Paul Walker’s daughter’s meadow looks stunning at ‘F9’ premiere
Entertainment26 mins ago

Paul Walker’s daughter’s meadow looks stunning at ‘F9’ premiere

“You don’t turn your back on the family.” The late Paul walkerdaughter of Meadow, paid tribute by walking the red...

Lawyer Claims He ‘Verified’ Erika Jayne Stole Money From Thomas Girardi, Alleges RHOBH Star Received Over $ 20 Million Lawyer Claims He ‘Verified’ Erika Jayne Stole Money From Thomas Girardi, Alleges RHOBH Star Received Over $ 20 Million
Entertainment31 mins ago

Lawyer Claims He ‘Verified’ Erika Jayne Stole Money From Thomas Girardi, Alleges RHOBH Star Received Over $ 20 Million

Credit: Milla Cochran / startraksphoto.com, SURQ / BACKGRID The attorney hired to investigate Erika jayneAssets explain why your investigation needs...

KUWTK: Kim Kardashian talks about the Van Jones and Maluma romance rumors after Soulja Boy fired his shot too! KUWTK: Kim Kardashian talks about the Van Jones and Maluma romance rumors after Soulja Boy fired his shot too!
Entertainment37 mins ago

KUWTK: Kim Kardashian talks about the Van Jones and Maluma romance rumors after Soulja Boy fired his shot too!

In the midst of her divorce from Kanye West, Kim Kardashian has linked up with a number of different men,...

Queen Elizabeth II attends Royal Ascot 2021: photo Queen Elizabeth II attends Royal Ascot 2021: photo
Entertainment46 mins ago

Queen Elizabeth II attends Royal Ascot 2021: photo

To the races! Queen Elizabeth II returned to Royal Ascot after having to skip it last year due to the...

New photos from John Cena’s ‘Peacemaker’ set reveal vigilante actor New photos from John Cena’s ‘Peacemaker’ set reveal vigilante actor
Entertainment59 mins ago

New photos from John Cena’s ‘Peacemaker’ set reveal vigilante actor

New photos from the set of the upcoming HBO Max series Pacifier starring John Cena reveals actor Freddie Stroma as...

Lauren Burnham, Arie Luyendyk Jr. bring their daughter home from the hospital Lauren Burnham, Arie Luyendyk Jr. bring their daughter home from the hospital
Entertainment1 hour ago

Lauren Burnham, Arie Luyendyk Jr. bring their daughter home from the hospital

Welcome home! Lauren Burnham other Arie Luyendyk Jr.The newborn daughter left the hospital on Saturday, June 19. “The best early...

Stacey Abrams on political office, the right to vote, June 19th – Tribeca – News Block Stacey Abrams on political office, the right to vote, June 19th – Tribeca – News Block
Entertainment1 hour ago

Stacey Abrams on political office, the right to vote, June 19th – Tribeca – News Block

Stacey Abrams hinted at a future political office (no wonder) defended a compromise on the voting rights bill “because we...

Who are they dating off set? Who are they dating off set?
Entertainment1 hour ago

Who are they dating off set?

Happy forever! Brianne howey, Scott porter and more Ginny and Georgia Actors explore romance on the Netflix show, but many...

Advertisement

Tech

Google Force Installs Massachusetts MassNotify COVID App for Android Google Force Installs Massachusetts MassNotify COVID App for Android
Tech1 min ago

Google Force Installs Massachusetts MassNotify COVID App for Android

Google is forcibly installing a Massachusetts COVID-19 tracking app on residents’ Android devices without an easy way to uninstall it....

Best Outdoor Projection Screens 2021 Best Outdoor Projection Screens 2021
Tech1 hour ago

Best Outdoor Projection Screens 2021

Best outdoor projection screens Me more 2021 The best outdoor projectors are ideal for watching movies or the latest shows...

Best Cases for AirPods Pro 2021 Best Cases for AirPods Pro 2021
Tech2 hours ago

Best Cases for AirPods Pro 2021

Best Cases for AirPods Pro Me more 2021 You love your AirPods Pro and would like to protect the case...

Lawmakers Weren’t ‘Creative or Enthusiastic’ Enough to Fix Big Tech Antitrust Laws Lawmakers Weren’t ‘Creative or Enthusiastic’ Enough to Fix Big Tech Antitrust Laws
Tech2 hours ago

Lawmakers Weren’t ‘Creative or Enthusiastic’ Enough to Fix Big Tech Antitrust Laws

CEOs of big tech companies like Apple have been “allowed to do whatever they want,” according to Rep. David Cicilline...

Google Force Installs Massachusetts MassNotify COVID App for Android Google Force Installs Massachusetts MassNotify COVID App for Android
Tech2 hours ago

Google Force Installs Massachusetts COVID-19 App on Resident Phones

Google is forcibly installing a Massachusetts COVID-19 tracking app on residents’ Android devices without an easy way to uninstall it....

Best Prime Day AirPods Deals: Save on AirPods, AirPods Pro and AirPods Max Best Prime Day AirPods Deals: Save on AirPods, AirPods Pro and AirPods Max
Tech3 hours ago

Best Prime Day AirPods Deals: Save on AirPods, AirPods Pro and AirPods Max

This story is part of Amazon Prime Day 2021, CNET’s guide to everything you need to know and how to...

Prime Day Chromebook deals: the best we’ve found so far, starting at $ 169 Prime Day Chromebook deals: the best we’ve found so far, starting at $ 169
Tech3 hours ago

Prime Day Chromebook deals: the best we’ve found so far, starting at $ 169

This story is part of Amazon Prime Day 2021, CNET’s guide to everything you need to know and how to...

NBA Playoffs – Watch and Stream Bucks vs. Nets Game 7 on TNT NBA Playoffs – Watch and Stream Bucks vs. Nets Game 7 on TNT
Tech4 hours ago

NBA Playoffs – Watch and Stream Bucks vs. Nets Game 7 on TNT

The 2021 NBA playoffs are in full swing, with pivotal games between the best teams every day. They are broadcast...

Best Prime Day 2021 Ring Deals – Save $ 170 on a Refurbished Ring Video Doorbell Elite Best Prime Day 2021 Ring Deals – Save $ 170 on a Refurbished Ring Video Doorbell Elite
Tech4 hours ago

Best Prime Day 2021 Ring Deals – Save $ 170 on a Refurbished Ring Video Doorbell Elite

This story is part of Amazon Prime Day 2021, CNET’s guide to everything you need to know and how to...

South Korea’s Nuclear Research agency breached using VPN flaw South Korea’s Nuclear Research agency breached using VPN flaw
Tech4 hours ago

South Korea’s Nuclear Research agency breached using VPN flaw

South Korea’s ‘Korea Atomic Energy Research Institute’ revealed yesterday that its internal networks were hacked last month by North Korean...

Advertisement
Advertisement