Acapulco, Gro. This year, the country will continue “going through a process of profound transformation,” said Rogelio Ramírez de la O, Secretary of Finance and Public Credit. “In macroeconomic and financial matters, the conditions are favorable to continue building a prosperous Mexico, with greater well-being for all people,” he said.
During his participation in the closing of the 87th Banking Convention, the official emphasized that, from the Ministry of Finance and Public Credit, there is a commitment to “continue moving in the right direction,” for a transformation that promotes a “more inclusive future.” , environmentally friendly and socially fair.”
Ramírez de la O attended the bankers’ meeting as Secretary of the Treasury in the last year of the administration of President Andrés Manuel López Obrador. The candidate of the “Let’s Keep Making History” coalition, Claudia Sheinbaum, has mentioned that, if she wins the elections on June 2, she would like the economist to remain in charge of the country’s public finances. He has not commented on the matter.
Still an official of the outgoing administration, Ramírez de la O highlighted that since 2021 and until last year, the Mexican economy has been growing above the expectations of analysts and experts, which demonstrates its “solid fundamentals”, added to a fiscal policy that has sought to maintain debt at “stable, predictable and sustainable ratios.”
He highlighted that, as part of the priority policies of this administration, efforts were made to strengthen the income of families in the lowest deciles, which has helped five million people escape poverty; and carry out large projects in the most neglected areas of the country, which had not been done in more than three decades.
However, the performance of the Mexican economy is also partly a reflection of the relocation of supply chains globally, he explained. For example, in capital flow, Mexico positioned itself as one of the main destinations for foreign direct investment, receiving more than 36 billion dollars in 2023.
“One of the most important factors behind this indicator has been the relocation of companies and production chains. This dynamic is observed in the 39.2 percent real increase in investment in non-residential construction registered in 2023,” he detailed.
Ramírez de la O recovered part of the bank financing indicators, among them that the total credit portfolio of commercial banks to the private sector amounted to 5.9 trillion pesos as of December 2023. “These financing levels and observed growth rates in 2023, although they can be greatly improved, they are products of a robust banking sector, with solid economic and financial fundamentals,” he explained.
He said he was convinced “that the only way to continue closing the social, economic and environmental gaps in our country is by joining efforts with the entire financial sector and here the Mexican bank plays a central role.”
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– 2024-04-22 07:37:32
