Mexican finance minister, a holdover from previous administration, resigns and is replaced by deputy

MEXICO CITY (AP) — Mexican Finance Secretary Rogelio Ramírez de la O, a holdover from the previous administration, resigned Friday for personal reasons and will be replaced by his deputy, President Claudia Sheinbaum said.

In a video posted to X, Sheinbaum said Ramírez de la O would serve as an economic advisor on international issues.

The economist had served as finance secretary since July 2021, when he was appointed by then-President Andrés Manuel López Obrador amid the economic turmoil caused by the COVID-19 pandemic.

Sheinbaum named Edgar Amador Zamora, Ramírez de la O’s number two, to replace him.

When Sheinbaum won election in June, Ramírez de la O agreed to stay on for a period to ensure a smooth transition. His job was largely seen as to calm international markets after the peso initially dropped following Sheinbaum’s election victory.

But he also faced an urgent need to reduce Mexico’s debt and re-establish fiscal discipline after López Obrador spent heavily on his signature projects and expanded costly social programs.

Friday’s announcement came during a tumultuous period in the bilateral relationship between Mexico and the United States during which U.S. President Donald Trump has twice threatened and twice backed away from imposing severe tariffs on all Mexican imports, spurring economic uncertainty on both sides of the border.