Amador to Become Mexico Finance Chief as Ramirez de la O Resigns

(Bloomberg) -- Mexico Finance Minister Rogelio Ramirez de la O has stepped down after more than three years as the country’s top budget official, President Claudia Sheinbaum announced in a video posted to social media Friday.

Deputy Finance Minister Edgar Amador will replace Ramirez de la O in the position, Sheinbaum said. Amador, who has previously served as a Mexico City official under former Mayor Miguel Mancera and as an adviser to central bank chief Victoria Rodriguez, has been in his current position since last year.

Amador has often attended public events in Ramirez de la O’s place and is perceived by analysts as likely to maintain the outgoing minister’s policy approach. Mexico’s peso was little moved by news, which had been repeatedly rumored in local news stories, as it traded nearly 0.2% stronger against the dollar.

“It’s a safe appointment,” said Marco Oviedo, a strategist at XP Investimentos. “He is already familiar with the issues of the Finance Ministry, and probably he will be closer to markets and investors.” 

Ramirez de la O cited personal commitments as part of his decision to resign. Sheinbaum, who referred to him as “our country’s best economist” in the video, said she will appoint him as an international economic adviser to her government. 

Initially chosen by former President Andres Manuel Lopez Obrador to serve in the role in 2021, Ramirez de la O was an architect of the Morena Party’s austerity plans as well as the expanded government spending that took place in the final years of the popular leader’s mandate. He also drove efforts to rescue Mexico’s indebted oil company and oversaw the construction of major federal infrastructure projects from a tourist train to a refinery. 

Widely expected to leave the government at the end of Lopez Obrador’s time in office, he decided to stay on through the start of Sheinbaum’s term that began in October, and helped investors navigate the initial volatility of President Donald Trump’s tariff threats. But he will leave the post with Mexico facing analyst concerns about whether the government will be able to rebalance its budget amid slowing growth.

Ramirez de la O is expected to return to the helm of the economic consultancy Ecanal, according to a person with knowledge of the matter. 

Amador, an economist from Mexico’s top public university UNAM, said in the video alongside Sheinbaum and Ramirez de la O that he considers himself a disciple of the outgoing finance minister. He added that he is committed to Mexico’s macroeconomic, currency and financial stability.

Mexico is facing what is expected to be a fourth consecutive year of slower economic growth, while uncertainty over the future of the North American free trade deal known as the USMCA has weighed on investors. Sheinbaum has pledged to shrink the deficit and avoid tax increases, even as she promises to invest more in security, build a million homes and expand the direct aid programs that helped bolster the party’s support during her 2024 election campaign.

Sheinbaum, who according to El Financiero enjoys an 85% approval rating, has received praise for her handling of Trump’s threats to impose 25% tariffs on Mexican goods. Trump exempted Mexican and Canadian goods covered by the USMCA from the tariffs until April 2 after speaking with Sheinbaum by phone on Thursday.

Ramirez de la O also worked to assuage investors after both Sheinbaum and Morena — the party Lopez Obrador founded — won a landslide victory last year that gave them broad control over the majority of the country’s states and enough votes to change the Constitution. Markets expressed concern in particular over the decision to have the selection of Supreme Court and federal judges be determined by popular vote, a process that will take place for the first time in June.

The uncertain environment has potentially taken the wind out of Mexico’s sails after economists had predicted global changes after the pandemic would bring many businesses to the country as they sought to move closer to US consumers. Banco de Mexico, the country’s central bank, is predicting that gross domestic product will expand only 0.6% this year, down from a previous estimate of 1.2%. Fourth-quarter growth was weaker due to drought, manufacturing weakness and lower investment.

Ramirez de la O worked in the private sector for much of his career before taking on one of the country’s most important cabinet positions. He earned a Ph.D from the University of Cambridge and was known for having predicted the country’s 1994 peso crisis. 

During Lopez Obrador’s term, the peso strengthened against the dollar for years as investors saw relative stability in Mexico despite the president’s tenuous relationship with business groups. 

Sheinbaum has largely continued her predecessor’s programs and pledged to prioritize state firms in the private sector, but slower growth could be a challenge for the wide-reaching programs she has designed, while tariff uncertainty has put Mexico’s strategy of supercharging the economy by boosting exports and attracting foreign investment further at risk.

(Updates with Sheinbaum announcement and additional details throughout.)

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