Published: Thu, July 11, 2019

Mexican finance minister quits with scathing resignation letter

Mexican finance minister quits with scathing resignation letter

He thanked President Lopez Obrador for the opportunity to serve Mexico.

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

The Mexican peso fell over 2% on the news and the benchmark index slid nearly 1.5%.

"There were a lot of discrepancies in economic matters", the letter read.

"I'm convinced that economic policies should always be evidence-based, careful of their potential impacts and free of extremism, either from the right or the left".

"These convictions did not resonate during my tenure in this administration", Urzua said. "Some of them happened because in this administration, public policy decisions were made without sufficient foundation".

"However, during my administration, the above convictions were not shared", said Urzua, who occupied the post since December 1, when the current administration began.

"I was appointed [head of office] Deputy Minister Arturo Herrera Gutierrez, a professional economist, who has such virtues as honesty and humanism". He also began a program of centralizing procurement, in another drive for efficiency and clean government.

"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. This was announced on Tuesday, the President of the Latin American countries, Andres Manuel Lopez Obrador.

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