Mexico's new finance minister, believer in stability, takes charge of choppy economy

Mexico’s Herrera Nominated as Finance Minister as Urzua Quits

Mexico's finance minister, Carlos Urzúa, quit abruptly on Tuesday, with a letter of resignation that appeared highly critical of the current administration, and raised questions about the president's much-vaunted promise to reduce corruption.

Investors have anxious about Lopez Obrador's policy direction since he canceled a major airport project before taking office, and the government has clashed with businesses on a number of occasions.

He appointed Arturo Herrera, the current finance undersecretary, in his place.

The Mexican peso fell over 2% on the news and the benchmark index slid nearly 1.5%.

"There were too many disagreements in economic matters". "Some of them happened because in this administration, public policy decisions were made without sufficient foundation". "I am convinced that economic policy should be based on evidence, taking into account the different consequences to which it might lead, and that it should be free from the extremes of right or left wing", wrote Ursua. "It's been the fault of influential people from the government, in the case of which an obvious conflict of interest", said Ursua.

Seeking to further soothe nerves, Herrera said that he did not think Mexico's first-quarter economic contraction would herald a recession.

Urzua also worked with Lopez Obrador from 2000 to 2003 when he was Mexico City mayor.

"We are committed to changing economic policy that has been imposed for the past 36 years", Lopez Obrador said.

Related:

Comments

Latest news

Nintendo Switch Updates NES Games, Retro Games Getting a Rewind Feature
From July 17 , all NES games will get a rewind feature, which allows players to rewind time as the video below demonstrates. Nintendo plans to develop and "improve" Nintendo Switch Online in the future, but no other information is yet accessible.

People have noticed that Prince Harry only owns one pair of shoes
The former Suits actress sparked a huge row after her bodyguards told fans not to take pictures of her during the match. However, the controversy appeared to be far from the Duchess' mind on Wednesday.

British ambassador to Washington resigns after leaked memo spat
Darroch had served as Britain's envoy to Washington since 2016; the leaked cables covered a period from 2017 to recent weeks. But he said the trans-Atlantic relationship was "so deep and so wide that it will withstand any individual squall".

Online Sports Betting Market Growth
Benefits With the market high, sports betting is an activity that receives a high level of support from online betting companies. More betters are opting to forego the long lines at the cashier's counter and the unavailability of their favorite machines.

London’s Medical Startups Challenge Welcomes a New Judge, Max Polyakov
MBios is a joint project of Innovation House and the Ukrainian Medical Association of the United Kingdom (UMAUK). Such kind of challenges provides the participants with an opportunity to present their projects to the world.

Other news