Mexico's Luis Videgaray: The interview in full

Jan 1, 2013

In his first interview with the foreign or local print media after taking office in December, Mexico’s new finance minister Luis Videgaray says he is confident political consensus now exists to shake up state oil company Pemex and overhaul the country’s fiscal regime through a bold set of reforms to be carried out this year.

Mexico City, December 14, 2012

How would you characterize the Pact for Mexico? What is its central vision?

First and foremost it's an opportunity. It's a broad political agreement to carry out some significant changes in public policy, particularly in economic policy, to make some changes that we all know need to be made on the fiscal side, in energy and in competition, to name a few, that are long overdue.

This is an important achievement, to have an agreement. But the true achievement will be to make it happen. So therefore, the Pact is an opportunity. We want to seize that opportunity.

One of the key elements of the Pact is calling for a broadening of social welfare. Is it fair to say that the Pact is essentially calling for the creation of a welfare state in Mexico?

The Pact is based on the belief that we need...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management