MEXICO CITY— Mexican Finance Secretary Rogelio Ramírez de la O, a holdover from the previous administration, resigned on Friday for personal reasons and will be replaced by his deputy, President Claudia Sheinbaum announced.
In a video posted on X, Sheinbaum stated that Ramírez de la O will be an economic advisor on international issues.
The economist had been the 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 appointed Edgar Amador Zamora, Ramírez de la O’s number two, to succeed him.
Ramírez de la O agreed to stay on for a smooth transition after Sheinbaum’s election in June. His role was largely seen as calming international markets after the peso initially fell following Sheinbaum’s election win.
However, he faced an urgent need to reduce Mexico’s debt and restore fiscal discipline after López Obrador spent heavily on signature projects and expanded costly social programs.
Friday’s announcement comes at a time when the bilateral relationship between Mexico and the United States has been tumultuous, with US President Donald Trump twice threatening and twice backing down from imposing severe tariffs on all Mexican imports, causing economic uncertainty on both sides of the border.
