Mexico Participates in Global IMF, World Bank Meetings

Mexico’s Minister of Finance, Rogelio Ramírez de la O, was part of the global bilateral meeting of the International Monetary Fund (IMF) and the World Bank, during which he discussed Mexico’s economic plans for 2022 and plans to recover from the pandemic.

Ramírez de la O participated alongside 189 representatives from other countries and chaired the World Bank’s Board of Governors meeting during the event held in Washington, reads a SCHP press release. “Participation in these important global meetings reinforces the commitment of the Government of Mexico to continue dialogue, exchange of ideas and full collaboration with the international community,” said SHCP.

Ramírez de la O was part of the G20 Bank of Governors meeting, the Coalition of Finance Ministers for Climate Action and events from the Bretton Woods committee and the Atlantic Council. Ramírez de la O praised US’ Secretary of the Treasury, Janet Yellen, for the global consensus achieved on the adoption of a minimum tax for transnational companies, which has been backed by 136 countries.

Mexico actively participated in both events. Ramírez de la O met with the president of the World Bank, David Malpass and the Managing Director of the International Monetary Fund, Kristalina Georgieva. He also held important conversations with Yellen and the Secretary of National Security of the US, Alejandro Mayorkas.

The message from Mexico during these meetings was consistent with the economic package of 2022, which is based on three fundamental pillars, as reported by MB. According to the SCHP, Ramírez de la O reiterated that, “The 2022 Budget Project of the Government of Mexico is based on three fundamental pillars: strengthening social support, maintaining fiscal discipline and promoting public spending on infrastructure, especially in projects that have major priority in the south of the country.”

Mexico’s expenditure seeks to prioritize the recovery from the pandemic. Ramírez de la O indicated that resources allocated to health will increase by 15.1 percent, while social protection programs will increase by almost 18 percent. Mexico is also seeking to increase the development of marginalized areas by increasing spending in regional projects by almost 18 percent.

Mexico registered a decrease of 5.7 percent in the operative spending of the public sector, according to SCHP. The Federal Government will also spend MX$640 billion (US$31.51 billion) on several infrastructure projects that include airports, highways, railways, ports and private investment projects in 2022.