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Mexico govt: Treasury minister resigns after Trump visit


Mexican Finance Minister Luis Videgaray resigned just one week after President Enrique Pena Nieto met with USA presidential candidate Donald Trump.

Videgaray is expected to be replaced by José Antonio Meade, social development secretary, who has held the post under former President Felipe Calderón and is considered a safe pair of hands.

The resignation comes a week after Trump met President Enrique Peña Nieto.

Are you admirer of Trump or feel he is not tuned to usual sentiments of people, particularly the migrants.

Luis Carlos Ugalde, director general of Integralia Consultores, a consultancy, said Videgaray's resignation could be linked to the Trump visit.

Nieto drew harsh criticism and ridicule for the unpopular visit.

Pena Nieto acknowledged the "enormous indignation" among Mexicans over Trump's presence in the country and repeated that he told the candidate in person that Mexico would in no way pay for the proposed border wall.




"He has the academic background and the experience politically and technically, to be as good as Videgaray as minister of finance but on top of that we do think that he is more investor friendly", said Gabriel Casillas, an economist at Banorte.

New finance minister Meade is a friend of Videgaray's and had started in the administration as foreign minister before moving to the social development ministry past year.

His former boss, Miguel Angel Osorio Chong, who led the interior ministry during the jailbreak and eventual recapture of drug lord Joaquin "El Chapo" Guzman, received a boost to his hopes of becoming the ruling Institutional Revolutionary Party's 2018 presidential candidate after avoiding the chop. "He couldn't even bring himself to tell the president of Mexico one of his very few policy demands".

Pena Nieto vowed there would be no new taxes or tax hikes in Meade's drive to contain debt growth, and said he should give priority to social projects and investments.

The president said the budget proposal will need to continue with the process of consolidating public finances to reach a primary surplus for the first time in many years.

"What is a fact is that in the face of candidate Trump's postures and positions, which clearly represent a threat to the future of Mexico, it was necessary to talk", Mr Pena Nieto said hours after his annual state-of-the-nation report was delivered to congress.

Videgaray, dubbed the "Viceroy" for his power behind the throne, is little loved by corporate Mexico.

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