Sheinbaum will keep Ramírez de la O in the Treasury, who promises stability

The future president of Mexico, Claudia Sheinbaum, confirmed this Monday that she will maintain as head of the Ministry of Finance and Public Credit (SHCP) Rogelio Ramírez de la Oas he had announced during his campaign.

The official thanked Ramírez de la O “for agreeing to continue as head of the Ministry of Finance and Public Credit“, as he said in a video published on his networks, in which he described the official as “a man with great national and international recognition, honest, knowledgeable and professional”.

“He is a great public servant who provides certainty of good financial and economic management, as he has given to President Andrés Manuel López Obrador, and that our Government will also have.”he added.

Thus, the former mayor of Mexico City (2018-2023) fulfilled her campaign promise that “your first task“By winning the elections it would be offering Ramírez de la O to continue in the Government, although he did not specify if it would only be during a transition period, as he had initially outlined.

Rogelio Ramírez de la O is the last and third official responsible for the Treasury of Mexico during the mandate of López Obrador, after replacing Arturo Herrera in 2021, who in turn arrived in 2019 following the resignation of the now deceased Carlos Urzúa (1955- 2024).

Promises stability to investors in the face of nervousness

The Secretary of the Treasury of Mexico, Rogelio Ramírez de la O, promised this Tuesday in a call with international investors that there will be “economic stability” after the fall of the peso and the stock market due to the elections, in which the ruling party won the presidency and majorities in Congress.

After a day marked by nervousness in the markets, in the conversation, Ramírez de la O pointed out that the winner of the presidential elections, the ruling party Claudia Sheinbaum, asked him to remain in office when his administration begins, on October 1.

“I will do it for an indefinite period to ensure the following: first, the reduction of the debt generated per year by 2025,” the official stated in English on the call.

The head of the Treasury also promised “update all communications with investors and rating agencies to confirm that the priority is macroeconomic stability, fiscal prudence and the sustainability of fiscal goals.”

The call happened after a “Black Monday” in the markets after the elections in Mexico, where the Mexican Stock Exchange (BMV) plummeted 6.11% on Monday, its worst drop since the covid-19 pandemic in March 2020, and the Mexican peso depreciated by 4.36% against the dollar when trading at 17.71.

Analysts anticipated the victory of Sheinbaum, who won with almost 60% of the votes, but they did not foresee that their alliance of parties would obtain a qualified majority, of two thirds, in Congress, with which they could reform the Constitution without negotiating with the opposition.

This could include a reform of the Judiciary to elect judges and the Supreme Court by popular vote, a modification to the electoral system, changes to pensions, and the elimination of autonomous regulators.

Given this panorama, the Secretary of the Treasury “confirmed to international organizations and private investors that the (Government) project is based on financial discipline, the autonomy of the Bank of Mexico, adherence to the rule of law, and ease for national and foreign private investment.”

He also offered a “closer collaboration with Mexican Petroleum (Pemex)”, the most indebted oil company in the world, with “the support of Congress to optimize the good use of public resources.”

Finally, he asked investors to contact the Ministry of Finance and Public Credit (SCHP) with any issue, but reiterated that the transition is in charge of Sheinbaum’s team.

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