Videgaray pulls Mexico into shape
Mexico’s government has introduced a swathe of structural reforms that aim to cut key input costs in the economy, arrest deteriorating productivity and improve the country’s long-term growth rates. However, it is the finance minister’s recent energy reforms that have most made economists and investors buoyant about the outlook for Latin America’s second biggest economy.
|Illustration: Paul Daviz
Euromoney meets Mexico’s finance minister, Luis Videgaray, in a beautiful townhouse in the district of Polanco that serves as one of the minister’s two main offices.
It is a Friday morning, exactly one week after he presented the 2015 budget to Congress and those seven days have been occupied by submitting the budget to political scrutiny and questions. That process – Euromoney is warned – has been a gruelling one. On the previous day alone Videgaray had been on his feet (literally) for seven hours in front of lawmakers as part of the process of passing the budget.
But if he is feeling the effects of the week’s exertions he isn’t showing it. Nor is he, unlike most people in the city, looking forward to an early Friday afternoon escape to what is a holiday weekend celebrating Mexico’s independence day.
His next appointment in a crammed schedule is a lunchtime flight to the north with President Enrique Peña Nieto – or “the boss”, as one of his aides calls him. His agenda has led some in the financial community to complain about the lack of access they have – clearly used to more frequent access to the minister of finance’s diary - and some have even begun to refer to Videgaray as “the ghost”.