In a press statement, President Enrique Peña Nieto announced that he has accepted the resignation of Luis Videgaray Caso as Finance and Public Credit Secretary (SHCP).

He appointed José Antonio Meade, who has until now served as Secretary of Social Development (SEDESOL), to replace him.

At the same time, he appointed Luis Enrique Miranda Nava, who had served as Undersecretary of Government of the Interior Secretariat until today, as Secretary of SEDESOL.

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”.

 “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 sense, I repeat my firm commitment that there will be no new taxes or increases to existing ones. 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 tax 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”.

The President highlighted the work and results of Dr. Luis Videgaray as head of the SHCP.

“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”. EPN