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.



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