La Jornada – Mexico will not experience a financial tsunami due to global shocks: Yorio

La Jornada – Mexico will not experience a financial tsunami due to global shocks: Yorio
La Jornada – Mexico will not experience a financial tsunami due to global shocks: Yorio

Mexico will not experience a financial tsunami as part of a recession in the United States economy, since the country has strong fundamentals and the financial sector is strong in the face of any volatility that could occur globally, said the Undersecretary of the Treasury, Gabriel Yorio González. .

At the end of a meeting with finance ministers in the context of the 9th Business Summit of the Pacific Alliance, he commented in an interview that he does not agree with the reading of the financial tsunami that was mentioned at the meeting.

“Each country obviously has a reading according to the challenges they are facing and their local economy,” he said.

“There is a complex economic situation, especially nourished by the geopolitical conflicts that are being observed, but Mexico has strong fundamentals, we have a highly capitalized, very strong financial sector,” he stressed.

He added that since the covid-19 pandemic, the sector increased its level of capitalization, which has given it “strength towards any type of financial volatility context that could occur globally. I don’t see any volatility event in the financial sector in Mexico”.

He recognized that the United States economy faces different growth rates in its various variables. “Consumption remains strong, the labor market also remains strong, even inventories are increasing,” she noted.

“There has been some reading about a potential recession. We do not agree with that reading, what can be experienced, that the United States could experience perhaps towards the following year is that its growth is a little less than what it has been experiencing, but the US economic variables at this moment do not show a face of recession,” he said.

Regarding the injection of resources to the Budget Revenue Stabilization Fund (FEIP), the official indicated that he does not know why Fitch managed that it would rise to 75 billion at the end of the year, but the intention is to feed it with money that belongs to the federal administration .

“One of the reforms that we proposed is to try for the Stabilization Fund to have other sources of financing of its own. I know that there was a lot of noise about a specific issue in assets, that is not true of the budget law, it only covers the federal government, not other entities,” he said.

“I would not want to not anticipate how much the Stabilization Fund can receive, but I do want to reaffirm that the intention of the Government of Mexico is to put resources back into the fund and they are resources that are owned by the federal government,” he said.

He noted that they may be savings from the federal government and not necessarily from sub-exercises.

The article is in Spanish

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