President Enrique Peña Nieto participated in the Promoting Mexico: growing in challenging times Forum, organized by Grupo Financiero Interacciones.

The current administration has seen major transformations as regards strengthening democratic institutions and increasing Mexicans’ rights, particularly reforms that will enable the country to perform better and achieve greater development in the economic sphere.

“This means eliminating resistance and breaking away from the old ways of doing things in our country. And we have dedicated significant efforts to this to ensure the proper implementation of these reforms”: EPN

Structural reforms

The government proposed to transform Mexico on the basis of a vision of change with a clear path. 

The Pact for Mexico has achieved 13 structural reforms, including six economic ones seeking a more competitive, productive Mexico. 

It has focused on three economic pillars:

FIRST. Ensuring the economic stability, which has been built in recent decades.

  • Preventive budgetary adjustments were made to maintain discipline in public finances to cope with the fall in oil revenues since 2015. 
  • The 2017 economic package is responsible and designed to streamline public spending, without affecting strategic social projects.  
  • For the first time in 8 years, there will be a primary surplus. To achieve this, it was proposed to reduce Federal Government spending by 239 billion pesos (1.2% of the GDP).

SECOND. Implementing reforms.

  • Efforts will continue to ensure that the economic reforms make Mexico an even more attractive destination for companies and investors.
  • Stronger institutions against monopolistic or anti-competitive practices.
  • The gap in the cost of energy between Mexico and the United States has virtually disappeared.
  • Telephony costs have decreased by an average of 27%.
  • The institutions created to strengthen our rule of law have been consolidated, particularly the Criminal Justice System, the National Transparency System and the National Anti-Corruption System.

THIRD. Promoting inclusive economic development.

  • In order to promote balanced regional development Special Economic Zones were created in the most disadvantaged regions.
  • The creation of technological universities and polytechnics (with over 870,000 students) has been created, which strengthens the link between schools and businesses.
  • Young entrepreneurs are supported through the National Institute of Entrepreneurship and the Youth Credit Program.

“More jobs have been created than ever before in a similar period to the one we are experiencing today.

New data on inflation were released today. The rate for this year is the lowest since records began to be kept, with just over three percent. Monthly inflation is almost the same as that of last year (the lowest on record).

 

“I repeat, the law itself does make changes. Nor does its implementation but rather, this convergence of efforts between the fact that institutions are being consolidated and society’s active participation”: EPN