Rogelio Ramírez de la O came forward to calm markets and assured that he will remain in office for an "indefinite" period in Claudia Sheinbaum's government, which will begin in October.
The Mexican Secretary of the Treasury, Rogelio Ramírez de la O, assured this Tuesday morning that he will remain in office for an "indefinite" period in the new government of president elect, Claudia Sheinbaum, whose term will begin in October, and reaffirmed that economic policy will be focused on macroeconomic stability and fiscal prudence.
In a call with analysts, the federal official said that they would seek to reduce debt, in addition to collaborating with Pemex to optimize "the good use of public resources."
The head of the Ministry of Finance and Public Credit (SHCP) spoke with investors after stock markets fell yesterday due to the overwhelming victory of Morena in Congress. He presented five points highlighting the close collaboration that they will seek with Petróleos Mexicanos ( Pemex).
During the call, delayed due to the saturation of the lines and which only lasted two minutes, the head of the SHCP explained that he will remain in office during the government of Claudia Sheinbaum indefinitely.
"(There will be) closer collaboration with Pemex, taking advantage of the support that will be reflected in Congress to optimize the good use of public resources," he told investors who stayed in line.
Pemex is currently one of the most indebted oil companies in the world. The current government has sought to support the oil giant through transfers and reductions in its tax burden, which has been highly criticized.
Accompanied by Juan Ramón de la Fuente, coordinator of the Dialogues for the Fourth Transformation, Ramírez de la O indicated that among the points he will discuss will be the reduction of the deficit from 5.9% to 3% of GDP, as well as updating all communication with investors and rating agencies to confirm that macroeconomic stability is a priority, as well as fiscal prudence.
Ramírez de la O also assured respect for the autonomy of the Bank of Mexico (Banxico), the institution in charge of the country's monetary policy, in addition to adhering to the rule of law and facilitating private investment, both national and foreign.
The permanence of Ramírez de la O – one of the closets officials to President Andrés Manuel López Obrador and who avoids the press – was an open secret, especially after the deficit of 5.95% of the GDP for this year was revealed.
Even during the campaign, Sheinbaum Pardo had expressed wishes that Ramírez de la O would stay in the SHCP. However, it was not until this Monday when both she and López Obrador confirmed that the official agreed to remain, indefinitely, in his position
The Mexican peso and the Mexican Stock Exchange (BMV) plummeted on Monday due to fears that after the overwhelming victory of the official candidate and the news that her party would control Congress.
