Mexico Finance Minister Urzua quits, Herrera named successor

Cheryl Sanders
July 11, 2019

The head of the Ministry wrote Tuesday on Twitter.

Following the news, the stock market in Latin America's second-largest economy closed with a loss of 1.77 per cent, while the peso fell 1.36 per cent against the United States dollar.

Urzua tweeted: "There were too many disagreements in economic matters". "This administration made decisions without sufficient grounds".

"I am convinced that all economic policy should be enacted on the basis of evidence, taking care of different potential effects and that it is free from all extremism, be it from the right or left", he said.

Carlos Ursua also stated that he imposed a hiring employees who "don't have knowledge in the financial field".

The move dealt a blow to Mexican President Andres Manuel Lopez Obrador, who named a well-regarded deputy minister to replace him.

"This was caused by influential people in the current government with a patent conflict of interests", added Urzua, without naming names.

Seeking to further soothe nerves, Herrera said that he did not think Mexico's first-quarter economic contraction would herald a recession.

In a video message to announce his successor, Lopez Obrador said Urzua was not comfortable with the decisions being taken to upend what the president frequently calls the neoliberal era in Mexico, starting in the 1980s.

Carlos Urzua (right) says he could not continue working with Mexican President Andres Manuel Lopez Obrador (left) due to their numerous disagreements over fiscal policy. He will lead the country until 2024.

Other reports by iNewsToday