Sunday, 17 November, 2019

Mexico Finance Minister Urzua quits, Herrera named successor

USDMXN: Peso Falls as Mexico’s Finance Minister Suddenly Resigns Mexican finance minister quits with scathing resignation letter
Deanna Wagner | 11 July, 2019, 12:01

He tweeted a copy of the letter - addressed to Mexican president Andrés Manuel López Obrador - which suggested that the current administration's policymaking was not "based on evidence" or "free of extremism".

Urzua said he felt forced to quit by such policy disagreements. "However, during my time I did not find this was the case".

"I found it unacceptable to impose officials who have no knowledge of the treasury".

"This was caused by influential people in the current government with a patent conflict of interests", added Urzua, without specifying exactly whom he was referring to.

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"He is not happy with the decisions we are taking", Lopez Obrador said about Urzua in a video on Facebook, standing alongside Herrera after the minister's resignation.

President AMLO made a statement shortly after Urzua's resignation saying that "Urzua is not in agreement with the governments decisions" and nominated his Deputy Finance Minister Herrera to replace Urzua.

On his watch, however, Urzua was hit by a sovereign debt downgrade and contracting economic growth as he stuck to fiscal targets while setting aside money to support Pemex and Lopez Obrador's plans to splurge on a new oil refinery.

"(Herrera) is a well-known figure with good dialogue with market participants and is not perceived as a. dogmatic individual", said Alberto Ramos, head of Latin American research at Goldman Sachs.