· We will continue with the legal and constitutional mandate to implement each and every one of the structural reforms, he said.

· Regardless of the situation, the transformation of Mexico continues. That is my commitment and I will fulfill it, he said.

· Structural reforms give the Mexican economy an enviable situation, which could not be explained without the vision, leadership and drive of this administration: Jane Fraser, CEO of CITI Latin America.

President Enrique Peña Nieto said today, during the 24th Plenary Meeting of the Banamex Board of Directors, that the priorities of the government’s economic policy are. ”To maintain and strengthen our macro stability, and continue to implement structural reforms as the basis for the country’s sustained growth.”

He said that, “The stability we enjoy today is the result of the efforts of several generations of Mexicans, and this government will preserve and strengthen it.” He went on to say that, "At the same time, we will continue with the legal and constitutional mandate to implement each and every one of the structural reforms.”

He declared that, “As a result of a flexible exchange rate, an appropriate regulatory framework for the financial system and coordination between fiscal and monetary policies, Mexico is better prepared than in the past to cope with any adversity” and that “regardless of the situation, the transformation of Mexico continues; that is my commitment, and I will fulfill it.”

President Peña Nieto  recalled that a few weeks, in the latest update of the outlook for the world economy, the IMF declared that given the weak recovery of global growth, economies are obliged to undertake structural reforms.

Fortunately, he added, “Mexico has advanced this process, which opens a window of opportunity we must take advantage of.”

”Whereas other countries are just beginning diagnoses and seeking to make political agreements for possible structural reforms, in Mexico we are already implementing them. This is a great differentiator, which translates into a growing economy that attracts investment and creates jobs,” he said.

He also recalled that a few days ago, the credit rating agency Fitch confirmed the long-term sovereign ratings of Mexico, “Which contrasts favorably with what has happened with other economies in the region and the world.”

The president declared that structural reforms, “Represent profound changes in various sectors of the national economy, which will allow us to grow steadily over the next few years.”

He said that despite the complex global scenario, characterized by financial volatility, the economic slowdown in certain regions, as well as the fall in oil prices, “The reforms contribute to the smooth running of the economy.” He said that this is borne out by the following data:

ONE: “The Mexican economy is growing. In 2015, the gross domestic product increased by  2.5 percent. This rate exceeds the performance of some of the largest economies such as the United States, which grew 2.4 percent; the UK, which increased by 2.2 percent; and Brazil, which decreased by 3.8 percent. This rate also confirms that the rate of growth of the Mexican economy has accelerated in recent years. In 2013, it grew by 1.3 percent and in 2014 by 2.3 percent.”

Thus, he said, “During the first three years of the Administration, accumulated economic growth stood at 6.3 percent; more than the minus 0.3 percent accumulated in the same period during the past administration, or the 0.9 percent of the previous two administrations.”

DOS: “Formal employment continues to rise. During the first three years of the Administration, 1,892,000 formal jobs were created. This is the highest figure for the same period in any previous administration. And not only that, real wages are increasing: in January 2016, contractual wages grew 1.5 cent annually in real terms.”

"Although it must be said that this is a modest figure,  it is relevant because it is the highest in the past 20 years,” he said.

THREE: “The country's households and companies have greater access to basic inputs at a lower cost. Energy Reform has successfully reduced the electricity rates paid by Mexicans. If we compare the reduction in electricity rates throughout the administration, it has fallen by 39.4 percent in the industrial sector, up to 23.5 percent in the commercial, and by 8.7 percent in rates for high domestic consumption levels.

“Financial reform has expanded credit, making it available in better conditions. Between 2013 and 2015, interest rates for personal loans fell by 8.6 percentage points and for small business by 0.6 points while mortgage rates decreased by 0.4 percentage points. In addition, financing for the private sector increased by 5.1 percentage points of the GDP, from 25.7 percent in 2012 to 30.87 per cent in 2015,” he said.

He explained that, “As a result of Telecommunications Reform, tariffs in the sector continue to decline while service coverage is increasing. Today, international long distance rates have fallen by 40.7 percent and mobile telephony rates by an average of 17.7 percent. In addition, according to the World Economic Forum Connectivity Index 2015, Mexico ranked fourth out of 143 countries in the Affordability Indicator, 89 positions up from 2014.”

FOURTH: “The country maintains historically low inflation levels: In 2015, annual inflation was 2.13 percent, the lowest since 1970; annual inflation for January, 2.61 percent, is also the lowest for a similar month in 46 years.”

FIVE: “There is confidence in Mexico and its future. From 2013 to 2015, Mexico received investments of nearly 100 billion dollars, 61.1 percent more than during the same period in the previous administration.”

President Peña Nieto declared that, “Despite these encouraging figures, the government will continue to act with full responsibility, to cope with an increasingly complex international financial scenario.”

“Thanks to these strengths and its commitment to macroeconomic soundness and healthy public finances, Mexico enjoys worldwide recognition,” he said.

MEXICO is by far our biggest and most important growth opportunity OUTSIDE THE UNITED STATES: JANE FRASER

CEO of CITI Latin America Jane Fraser declared that this financial group, whose presence extends to more than 100 countries, “Is fortunate that outside the United States, Mexico is by far the country where it has the greater presence and relevance, even more than in the UK, and our global financial hub in London; and more than our three largest markets in Asia combined.”

She said that, “Quite simply and clearly, Mexico is our largest, most important growth opportunity outside the United States.”

She hailed the fact that the country has launched “a broad, ambitious agenda of structural reforms that are making your economy more competitive and more attractive for investment. This enviable situation could not be explained without the vision, leadership and drive of the administration led by President Peña Nieto.”

She added that Mexico is one of the countries with the best prospects for growth and development, not only in Latin America but worldwide. “It would be difficult,” she added, “to find a country that combines macroeconomic soundness; responsible management of public finances; a healthy financial system, and an open, diversified economy that is increasingly productively integrated with the United States.”

“It is clear that today more than ever,” she said, “We can confirm our commitment to Mexico, with its remarkable process of structural transformation, financial inclusion, service to our customers and the welfare of the communities where we operate.”


Ernesto Torres Cantú, Director General of Grupo Financiero Banamex, said that given the scenario of volatility in global markets, “Mexico stands out in a good way,” since it has macroeconomic solidity, a strong, diversified currency balance, and solid integration with the United States, the country in the developed world with the best economic outlook.

He hailed and applauded the vision, political commitment and serious, responsible work of the government led by President Enrique Peña Nieto to build and maintain that extremely encouraging outlook for the country.

He explained that in Mexico, “We have a package of deep, well-designed structural reforms, which promotes competitiveness and reinforces the attractiveness of the country.”

He said that although our country cannot escape the complex international economic environment, the reactions observed, particularly in the exchange rate, “Look frankly exaggerated.”

However, he said, “In response to this, we also have a thoughtful, determined, brave and strong response by the Mexican State to the challenges of the global scenario.”

As part of that response, he cited the fiscal adjustment that will allow PEMEX to adapt to the current situation and, on the other hand, will maintain discipline in public finances; monetary reinforcement, which will allow it to make the behavior of the exchange rate more rational and permit more efficient use of international reserves, by incorporating the element of surprise into exchange interventions.

This is joined, he said, by the implementation of a comprehensive package of structural reforms that includes significant progress in opening the energy, telecommunications and banking sectors, the environment of competitiveness and the education system.

All these actions, he said, reinforce macroeconomic soundness and the good growth prospects for Mexico, and favorably distinguish it in the international context, in both the developed and the emerging world.