Mexico plans to stay active in international markets under the leadership of Claudia Sheinbaum, with a stronger focus on sustainable debt, according to Deputy Finance Minister Gabriel Yorio. In a recent interview with LatinFinance, Yorio outlined the new administration’s financial strategy, which includes a significant reduction of the country’s foreign debt.
Yorio emphasized that the government aims to lower foreign debt to just 10% of its total debt by 2030, down from the current 15%. The figure has already decreased from 21% under the current administration. “The financial policy will be to continue reducing external debt as a percentage of total debt,” Yorio stated.
The president-elect also confirmed that most senior officials in the Ministry of Finance, including Yorio and Antonio Martínez, the head of the country’s tax agency, will remain in their posts when she takes office. Finance Minister Rogelio Rodríguez de la O, who has held the position since June, will also continue under Sheinbaum’s administration.
Yorio reassured that this continuity signifies stability for Mexico’s financial policy. “Fiscal responsibility and prudence are maintained,” he said, adding that responsible financing of economic programs and debt management will remain key priorities.
Though Mexico’s foreign debt is shrinking as a percentage of total debt, total public debt is expected to hit 49.7% of GDP this year—the second-highest level this century, according to the finance ministry. Market analysts also predict the budget deficit will reach its largest point since the late 1990s.
This approach is seen as an effort to balance fiscal prudence with sustainable economic development.
