tv Mexicos Finance Minister Speaks at the Inter- American Dialogue CSPAN April 13, 2019 1:54am-2:41am EDT
to help to organize the special session. to have a very impressive and distinguished academic career. so invite him to represent the criminal post of managing and of when he was there at the city of mexico and under his direction here at a great deal for fiscal discipline. to be a consultant in the world bank but to attract
those it is not an easy challenge but it is critical to the success of this government who try to pursue a different approach from administrations previously. to be followed with an exchange with all of you so thank you again for coming and i will turn it over to the secretary. >> i will start with and the
that meager investment has very low quality. study with the public affairs three or four years ago that had the multiplier effect and for many countries. and depending on which ones with that multiplier effect and the reason is not the magnitude but to have too much but it is the efficiency that we will give you an example of low public investment because
there are many people that there was supposed to be a train going from south of mexico to mexico city. it was supposed to be an iconic project because the president was born in that area and to go coast-to-coast would be 29 million pesos they ended up spending up twice as much nearly 60 million and now we have to spend another 25 million to have it finished up.
[laughter] so now i don't know who designed it or the which way it was going to go to mexico city but those consequences that i think were very stupid but now we have to spend more money. 's what we would do is increase public investment but we don't have a lot of money. we have to be very careful with that. but to have a well targeted approach with a lot of efficiency.
and then we will have that process and of course there could be some security reasons. so perhaps we would be in worse shape but politically we can do that in the case of countries if we have a free trade agreement. but anyway to be closer to the heart of the president which creates more than 15000 and
that goes through six different states and in that case it is a more ambitious project because we have the infrastructure we have some but not all. we are planning in seven parts to have public-private associations and again all the winners coming from mexico and so on and so forth so we'd be very interested to a track more and more from mexico. but the oil sector because
they all talk about the area but and we can share it with anyone that means she is doing a very good job and so i will stop here and then i can take questions. >> thank you mister secretary for those remarks. so i will just ask the first question there is a lot of uncertainty about usmca and what will happen with that.
so can you comment on the uncertainty of the ratification of that treaty and how that affects obviously it would be disastrous for us or to have a new version of that. and my worst nightmare is that president trump decides to say to congress and then says regardless in six months the us will do that and they can do that.
so we are optimistic and hopefully they will not signs be mac thank you. please identify yourself. >> we were talking about usmca. but my question is a lot of the success of the program is cemented on the fact to have higher economic growth but the first is almost half of what we expected for this upcoming year. so what do you expect to happen as a turnaround in growth and what is your perspective moving forward?
what will make that turn around quick. >> and with that economic growth is slowing down especially with europeans. we are still thinking we change from one.one at two.2 percent because we wanted to be in line with the central bank forecast. we are very respectful of the central bank. and that more or less but we
believe the focus on the south of mexico will help because we are demanding investment and we believe that can be important like a keynesian argument we are providing much more money transfers than before. so we believe we can do it. especially with the announcement of the projects like the ones that i just talked about and many others
and already there has been some success with some projects that if you hear them then you will think that would not work. it works very well. they are supposed to connect those communities in our states and the government is a community so what the community is doing is to transfer money to those communities and really nice
roads and they are doing very well in a labor-intensive way. so we believe the difference and the composition will help us a little bit. >>. >> i am from the xm bank you mention the oil sector. my question is not just creditors but the administration has made an announcement to provide financial support which would provide an 18 month relief so my question is what other
plans for the future of what could be expected? so in terms of a new refiner refinery, how will that be financed that there is already six refineries operating under 35 percent capacity before answering that question i will remind you i have copies of this and you will be amazed by some of the other latest results. but the production at first was like this. now we have stopped that train and it is going up a little
and second it has a new flow of the order on those pesos more or less. there are interesting things happening and i say this because to help in a mindless way would not work but it is very simple actually. they have been overtaxed for many years. and so one thing you could do is try to reduce the over taxation and we are doing
that believe we should assume the government to make it sovereign. but people don't like that. but we are aware in the short term we will need some help. >> i wanted to ask you and your recently published budget , you have forecast one.9 million barrels per day. that could you explain how we get to that amount with those programmable expenditures to be down quick so it seems to
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