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IMF's Rennhack praises Mexico's reforms
The IMF specialist predicted that investments in Mexico's energy industry could rise to 10 billion to 20 billion dollars a year. (Photo: Archive/AP )
Mexico is unique because it achieved a
number of structural reforms without the pressure of an economic crisis, Robert
Rennhack, deputy head of the Americas of the International Monetary Fund (IMF),
said.
He explained that it is very
difficult for a nation to undertake such a process and that very few countries
in the world have achieved what Mexico did in the last year, thanks to the will
of political parties and the determination of the federal government.
"Mexico is very
unique to pass reforms on education, labor market, energy, telecommunications,
antitrust and very important areas, and I think there are very few countries
that have achieved this, especially without a crisis," Rennhack said.
He added that the federal government now faces a positive pressure to implement
the changes so that results can be seen, and that this requires full political
support.
Rennhack noted that the
Congress passed the bills very fast, despite involving complex
transformations.
"I am optimistic
that the reforms will succeed," he added.
The IMF specialist
predicted that investments in Mexico's energy industry could rise to 10 billion to 20
billion dollars a year.
Regarding reforms in
telecommunications and antitrust, he said that "these are very good
ideas and if they succeed, they can introduce more competition, which will mean
lower prices for consumers and greater efficiency and productivity" for
companies.
According to Rennhack,
Mexico is also in a strong position "because it has a pretty credible
policy framework and the markets trust in the country", apart from
having adequate reserves, a fairly manageable public debt and fiscal
position, which make Mexico different from other emerging countries.
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