Mexico’s Minister of Finance Joined OECD Ministers’ Meeting

Economies around the world have suffered massive shortages since the beginning of the COVID-19 pandemic. As global conflicts continue to generate new difficulties for countries, Rogelio Ramírez de la O, Mexico’s Minister of Finance, called for countries to “prepare for the future” during  the Meeting of the Council of Ministers of the Organization for Economic Cooperation and Development (OECD) in Paris.

Ramírez de la O chaired the session “Strengthening Pandemic Prevention, Preparedness, and Response for Future Generations” and served as vice chair of the sessions that addressed the socioeconomic challenges of the pandemic and the green transition. He explained the importance of being better prepared for the future and building more resilient economies, adding that the world is witnessing an increase in global threats such as pandemics, risks related to climate change and geopolitical tensions. Several countries around the world are struggling against shocks in various supply chains, which have led to new crises. Governments have also faced rapid increases in debt that require a return to sustainable levels.

“The OECD has an important role in agreeing on practices and public policies that help reduce inequality and promote inclusive economic growth… Mexico shared its experience in the implementation of the Package to Combat Inflation and Famine, which is in line with actions that several member countries of the organization are carrying out to stabilize prices in their economies,” said Gabriel Yorio, Mexico’s Deputy Minister of Finance, via a press release by SHCP.

The OECD has sought an adequate vision of public policies that further expands on conventional policies that privileges carbon taxes. Some countries have already advanced on the implementation of carbon taxes, but many medium and low-income countries have focused on adaptive environmental policies.

Ramírez de la O also stated that it is of vital importance to continue innovating in the creation of financial instruments to further allow an increase in participation from the private sector in green financing. Ramírez de la O stated that “it is imperative to prioritize policies to increase the resilience of global value chains, promote diversification among partners and nearshoring and facilitate investment flows to encourage economic development. At the meeting, sustainable growth and fiscal policy for gender equality were discussed, among other topics,” reported SHCP.