At a meeting with members of the Chamber of Deputies’ Treasury Commission, Treasury Undersecretaries Vanessa Rubio and Miguel Messmacher argued that mistakes in economic policy could seriously damage Mexico’s economic growth rates.
Rubio told deputies that the most important issue for the 2017 budget is macroeconomic stability, which will create confidence in Mexico while the international economic environment remains volatile.
“When countries don’t take prudent, responsible and timely measures the results are not optimum, and we’ve seen this in the history of our country and we’ve seen it in the recent history of many countries in the world including some in Latin America,” said Rubio. “What I would say is that the most important thing to preserve is macroeconomic stability, financial stability and the credibility of our country and sending messages of responsibility and credibility to the world.”
However, the undersecretary said that Mexico has $263 billion available to face emergencies related with international economic volatility. The $263 billion comes from international reserves of $176 billion and a flexible credit line for $87 billion.
Rubio said that the credit line does not constitute debt, and that it contributes to macroeconomic stability.
In response to criticisms from opposition legislators that growth is slow, Rubio responded that at least Mexico’s economy is growing, unlike other countries in Latin America.