Pacific Alliance Ministers Gather to Evaluate Recent Strategies

Representatives from the four members of the Pacific Alliance (PA) joined the XXVIII Meeting of Finance Ministers of the PA to discuss the economic and political challenges affecting those countries. Mexico’s Deputy Minister of Finance Gabriel Yorio also explained the results of the country’s presidency.

The meeting was also attended by Chile’s Deputy Minister of Treasury Claudia Sanhueza Riveros, Peru’s Vice Minister of Economy Alex Contreras Miranda and the Technical Vice Minister of Colombia Gonzalo Hernández Jiménez. The ministers discussed the impacts of inflationary pressures and the economic slowdown. Additionally, “they highlighted the importance of maintaining the balance between a framework of fiscal responsibility and addressing the needs of the population through the use of all policy tools publicly available,” explained the Ministry of Finance and Public Credit (SHCP) via a press release. 

Mexico highlighted that the Council of Finance Ministers (CMF) was capable of providing significant progress in terms of financial integration, finance and development sustainable, investment in infrastructure, innovation, financial digitalization, catastrophic risk management, tax treatment and cybersecurity. 

Mexico currently holds the presidency of the PA since the XVI Summit in January 2022. The presidency will be delivered to Peru at the end of 2022 or the beginning of 2023, within the framework of the XVII Summit of the mechanism, according to the PA.

“Peru announced the mandates that will govern the work plan of the CMF for the following year. In this sense, its agenda will focus on the promotion of financial inclusion, evaluation of financing mechanisms, climate change, the fight against tax avoidance and evasion, the mobilization of resources for emergency response to natural disasters, as well as strengthening the Council,” concluded SHCP.