Mexican finance minister quits with scathing resignation letter


Arturo Herrera was nominated as Mexico's finance minister after Carlos Urzua abruptly quit over policy differences in the first major cabinet resignation for President Andres Manuel Lopez Obrador.

Carlos Urzua (right) says he could not continue working with Mexican President Andres Manuel Lopez Obrador (left) due to their numerous disagreements over fiscal policy.

Mexico's Finance Minister Carlos Urzua listens as President Andres Manuel Lopez Obrador (not pictured) speaks to the media during a news conference to announce a plan to strengthen finances of state oil firm Pemex, at the National Palace in Mexico City, Mexico February 15, 2019. "I am convinced that economic policy should be based on evidence, taking into account the different consequences to which it might lead, and that it should be free from the extremes of right or left wing", wrote Ursua. "However, these convictions did not resonate during my tenure in this administration", Urzua said.

The Mexican peso fell more than two percent on the news, and the benchmark index slid nearly 1.5 percent.

"This was caused by influential people in the current government with a patent conflict of interests", added Urzua, without specifying exactly whom he was referring to.

"Some of those because this administration has made public policy decisions without enough support".

"It is precisely in the area of inequalities where we have to work", said Herrera.