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Macroeconomic Stability: A Comparative Advantage for Mexico

by 
Enrique de la Madrid *
Director General
BANCOMEXT

On January 30 of this year, the Ministry of the Treasury announced preventive cuts to public spending in the face of drastic reductions in oil prices and the expectation that prices will continue to fall during 2016, as well as international financial instability associated with the expected increase in US interest rates  and the worldwide economic slowdown.

For 2015, fiscal income is ensured due to the fact that the federal government took out oil price coverage to the value of 73 dollars per barrel, as well as through income obtained from gasoline sales. Additionally, it is expected that economic recovery in the United States will have a favorable impact on our non-oil exports, which are our main economic driving force.

Three decades ago, Mexic had an oil-based economy with a high-level of foreign debt, based on the expectations of income from oil exports. However, in 1981 a sharp fall in oil prices drastically limited our ability to meet our debt obligations, leading to the creation of a deep financial and economic crisis and chaos in the exchange rate.

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*Translation provided by Nuricumbo + Partners

It is an honour to be visiting the United Kingdom at the invitation of Her Majesty Queen Elizabeth II. The positive influence of this great country has nurtured Mexican culture for nearly two centuries, so my visit represents one more step in the never-ending journey to tighten our bonds. Paraphrasing Sir Winston Churchill, it adds to the joy and glory of the path we have embarked upon together.

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The British luxury carmakers Lotus and McLaren are set to open showrooms in Mexico City as part of a drive to increase sales in the country.

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BUSINESS INSIDER

Mexico's President wraps up UK visit with $1bn oil deal

March 6, 2015

Mexico's President Enrique Pena Nieto ended his three-day state visit to Britain on Thursday by overseeing the signing of deals that boost ties between the two countries in energy, including a $1 billion oil agreement.


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FINANCIAL TIMES 

Mexico President and Finance Minister: we must rebuild trust


March 3, 2015

Mexico needed reform. Now it needs confidence. That, in a nutshell, is the diagnosis from Enrique Peña Nieto, the country’s president, and his right-hand man, finance minister Luis Videgaray.

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FINANCIAL TIMES

Mexico: lawlessness undermines reforms and economic progress

March 3, 2015


Today in Mexico, as every day this year, foreign companies will invest nearly $100m in the country; several thousand cars will roll off modern production lines; and more than $1bn of exports will cross the border into the US.

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BBC NEWS

Leonora Carrington: A surreal trip from Lancashire to Mexico

March 7, 2015


Artist Leonora Carrington left her life in rural Lancashire at the age of 18 to become an important figure in the surrealist movement. But how did a girl from Chorley, whose northern English roots lingered in her work, end up as one of Mexico's national treasures?

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FINANCIAL TIMES

Exploration interest in Mexican Oil rises despite price falls

March 3, 2015


Oil companies had waited nearly 80 years to invest in oil and gas exploration in Mexico and the government had overcome enormous domestic opposition to liberalise the sector. Could there have been a worse time for oil prices to collapse?

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FINANCIAL TIMES

Mexico: mix of ancient and modern entices savvy tourists

March 3, 2015

Once decried as an intolerable concrete jungle, Mexico City is beginning to show the world a friendlier side. An intoxicating mix of colonial architecture, Aztec ruins, modern shopping malls, and bustling street markets, it is very much the country’s melting pot.

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Looking at Mexico’s economy, things are incredibly positive. It is an open market for companies with an international outlook, particularly those with a financial and professional services background. It also remained remarkably resilient during the financial crash due to its sound regulatory framework, solid management of public finances, and taxation reforms.

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