• He announced his acceptance the resignation of Luis Videgaray Caso as Secretary of Finance and Public Credit.
  • In his place, he appointed José Antonio Meade, Luis Enrique Miranda Nava as Secretary of Social Development.
  • He instructed the new SHCP director to ensure that the 2017 Economic Package Bill submitted to the legislative branch contributes to the consolidation of public finances, and achieves a primary surplus for the first time in many years.
  • He also said that in the effort required to ensure macroeconomic stability, it is up to the Government to tighten its belt, rather than Mexican families or companies.

President Enrique Peña Nieto issued a press statement today in which he said he accepted the resignation of Luis Videgaray Caso as Secretary of Finance and Public Credit (SHCP), and appointed José Antonio Meade, who until now has served as Secretary of Social Development (SEDESOL), to replace him.

The president also announced the appointment of Luis Enrique Miranda Nava, who until today served as Undersecretary of Government of the Interior Ministry, as Social Development Secretary.

At the event, held in the Adolfo López Mateos Hal of the official residence of Los Pinos, the president swore in the new directors of the SHCP and SEDESOL.

President Peña Nieto said that Meade Kuribreña, “Has extensive experience in public finance and will immediately be responsible for the Income Bill and the Expenditure Budget for the Federation Draft for the 2017 Fiscal Year”.

President Peña Nieto issued his first instructions to the new head of the SHCP:

FIRST: “The 2017 Economic Package Bill submitted to the Legislative Branch must contribute to the consolidation of public finances, and achieve a primary surplus for the first time in many years. This means that the Federation’s income must be greater than its expenses, before it covers the financial cost of public debt and the liabilities guaranteed by the federal government”.

The president said: “Mexicans should know that this government recognizes the efforts made every day to progress, and that it will accompany them and provide the necessary support. And in this context, I repeat that the economic package to be submitted to Congress will be extremely responsible and deeply sensitive to society’s needs”.

SECOND: “Continue to implement fiscal responsibility in order to contain and stabilize the growth of public sector debt as a proportion of the Gross Domestic Product”.

THIRD: “The effort required to ensure macroeconomic stability should be the result of an adjustment in the public spending of the Federation. In other words, it will be up to the government to tighten its belt, rather than Mexican families or firms. In this respect, I repeat my firm commitment that there will be no new taxes or increases to existing ones. I repeat that the adjustment will be the responsibility of the government rather than citizens.”

FOURTH: “Not only contain the level of public spending, but also improve the quality of the latter. This means prioritizing investment projects and the most effective social programs against poverty and reducing current spending and unnecessary expenses. The priority of taxation policy is very clear: guarantee the stability of the national economy. Macroeconomic stability is not an end in itself, but a means to protect and strengthen the economy of Mexican families”.

Peña Nieto President also issued instructions to the head of SEDESOL:

  • “Continue to coordinate the implementation of the National Strategy for Inclusion in order to reduce poverty in the country”.
  • “Strengthen the coordinated actions in education, health, housing and food needed to improve living standards and access to opportunities for the most vulnerable population”.
  • “Make efforts to improve the care provided to beneficiaries at local offices, and increase the measures for productive, labor and financial inclusion that have begun to be implemented”.

The president highlighted the work and results of Dr. Luis Videgaray as head of the SHCP. He mentioned, among other things, that “A Tax Reform was achieved that has strengthened public finances through an unprecedented increase in tax revenue, which has created less dependence on oil revenues; the number of taxpayers has been expanded, and the formalization of the economy has been promoted”.

“I must also acknowledge Dr. Videgaray as someone who has been instrumental in achieving financial reform, which has increased the amount of credit available in the economy, through lower rates and greater ease of access”.

He stressed, “His role in the development of various public policies as Coordinator of the Specialized Cabinet for a Prosperous Mexico and his invaluable participation in the design, processing and implementation of the other structural reforms in economic matters that have been achieved during this administration”.

"I wish to express my thanks, not only at an institutional but also at a very personal level, to someone who has certainly been committed to the government’s efforts to promote the transformation of Mexico. He has been committed to Mexico and loyal to the president,” he declared.

The president also acknowledged the efforts by Meade Kuribreña as director of SEDESOL, “Because he has already accompanied the efforts of this government to serve Mexico in various capacities, most recently as Secretary of Social development, where his main task was to alleviate poverty, coordinate the cross-cutting forces of various departments and areas under the coordination of the Social Development Secretariat to advance the fight against poverty and meet the enormous challenges we have regarding social backwardness in various parts of the country”.

He thanked Luis Enrique Miranda Nava for contributing to the country's governance.

He also instructed the Interior Secretary, in coordination with Secretaries Meade and Miranda Nava, to grant them formal possession of the offices of the two secretariats.