Mexico’s finance minister falls out with its populist president

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Carlos Urzúa’s abrupt departure worries investors

IN MEXICO’S leftist populist government, Carlos Urzúa, the social-democratic finance minister, was a reassuring figure. The president, Andrés Manuel López Obrador, has unorthodox ideas about how to develop Mexico. Mr Urzúa would help make sure, investors hoped, that he pursued them without wrecking the economy. But on July 9th, after six months in office, he quit, abruptly and noisily.

In his parting letter he wrote that “differences of opinion” and decisions “taken without sufficient basis” were among the factors that prompted him to leave. It is not clear what these were. Mr Urzúa took the job fully aware of Mr López Obrador’s most contentious proposals, such as building an oil refinery at a cost of $8bn and a “Maya train” in Mexico’s impoverished south.

Mr Urzúa may also have been frustrated by the president’s swingeing cuts to salaries and benefits of civil servants. These prompted the exit of many of the officials who have run the finance ministry for decades.

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