Tip News

July 23, 2019

Mexico finance minister quits over Lopez Obrador 'disagreements' - Tip News

Mexico finance minister quits over Lopez Obrador 'disagreements'

Mexico finance minister quits over Lopez Obrador 'disagreements'
'Carlos Urzua (right) says he could not continue working with Mexican President Andres Manuel Lopez Obrador (left) because of their numerous disagreements over fiscal policy' - By: AFP/File Pedro PARDO

Mexico's Finance Minister Carlos Urzua resigned on Tuesday, blasting the government of President Andres Manuel Lopez Obrador for imposing on the ministry officials "with no knowledge" of government finances.

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

"There were too many disagreements in economic matters. Some of those were because in this administration public policy decisions have been taken without sufficient substance," Urzua, a respected economist, said on his Twitter account.

The 64-year-old also hit out at the "unacceptable hiring of officials with no knowledge of the Public Treasury."

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

Lopez Obrador, an anti-establishment figure who came to power last year vowing a pro-austerity and anti-corruption drive, accepted Urzua's resignation.

He appointed Arturo Herrera, the current finance undersecretary, in his place.

"He (Urzua) doesn't agree with the decisions we're taking and we're committed to changing the economic policy that was imposed over the last 36 years," Lopez Obrador said in a video.

Urzua also worked with Lopez Obrador from 2000 to 2003 when he was Mexico City mayor. He assumed his ministerial role at the start of the leftist leader's presidency on December 1.

During his stewardship, the finance ministry was harshly criticized by various federal agencies for carrying out heavy cuts in public spending.

However, markets and investors were largely supportive of Urzua's efforts to balance the public books.

Herrera, who appeared with Lopez Obrador in the video, said that Mexico is a country of enormous resources but also great contrasts.

"It is precisely in the area of inequalities where we have to work," said Herrera.

His appointment must still be approved by Mexico's Chamber of Deputies, but that is considered a formality given that Lopez Obrador's Morena party has a majority in the legislature.

Short link: https://tipnews.com/u/MTAwNTQw

See also:

Related articles

S. Korea says fired warning shots at Russian military jet

S. Korea says fired warning shots at Russian military jet

South Korea said it fired warning shots at a Russian military aircraft on Tuesday after it violated the country's airspace off its east coast. The Russian jet breached South Korean airspace twice prompting the Air Force to scramble fighter jets and fire warni

Iran caught UK by surprise in Gulf: audio company

Iran caught UK by surprise in Gulf: audio company

The man behind the dramatic audio of Iran's seizure of a British-flagged tanker in the Gulf says the episode played out over a chaotic 20-40 minutes while a UK warship raced in from an hour away -- too far to be of any help.The HMS Montrose "really didn't h

UK PM contender Johnson's biggest controversies

UK PM contender Johnson's biggest controversies

During a decades-spanning career as a journalist and politician, likely next British prime minister Boris Johnson has stoked plenty of controversy.Here are some of the most contentious episodes in the life of the bombastic 55-year-old former foreign secretary



HELLO, PLEASE TAKE A MOMENT TO RATE THIS POST Mexico finance minister quits over Lopez Obrador 'disagreements'

Sending comment Close