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Mexican finance minister quits with critical letter

Mexico's President-elect Andres Manuel Lopez Obrador (L) speaks during a press conference next to his appointed Finance Minister Carlos Urzua, at their party's headquarters in Mexico City on July 23, 2018.
Image copyrightGETTY IMAGES
Image captionCarlos Urzúa (right) said he thought economic policies should be based on evidence

Mexico’s finance minister has quit over differences with the country’s left-wing president Andrés Manuel López Obrador.

He also found “the imposition of officials without knowledge of public finances” to be “unacceptable” .

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‘Uncertainty to persist’

Mr Herrera told his first news conference since being named finance minister that he did not see an impending recession, according to Reuters.

Mexico’s economy shrank 0.2% in the first quarter of 2019 from the previous quarter.

Mr López Obrador came into power on a promise to carry out “radical transformation” of his country and to deliver economic growth, jobs and social development programmes.

While the appointment of Mr Herrerra, a government official recognized for his technical capacity, would appease some investors, Moody’s ratings agency said, concerns about Mexico’s economy would continue.

“We expect investor uncertainty with regards to economic policy management to persist. This is in line with the views that led us to assign a negative outlook on Mexico’s sovereign rating earlier this year,” said Moody’s Vice President Jaime Reusche in a statement.

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