By David Luhnow / Wall Street Journal
Mexican Finance Minister Luis Videgaray, seen as the right-hand man to President Enrique Peña Nieto, has resigned and will be replaced by a former finance chief José Antonio Meade.
Videgaray’s resignation comes less than a week after a controversial visit to Mexico by U.S. presidential candidate Donald Trump, which was widely seen as a humiliation for Mexico and its president. Multiple local media reports said the invitation to Trump was Videgaray’s idea, a claim disputed by him as well as Peña Nieto.
Videgaray, a former investment banker and state finance official, won’t take a public post for the time being, Finance Ministry spokeswoman Claudia Algorri said.
The economist with a doctorate from MIT was widely seen as the brains behind the Mexican president and the driving force behind a series of high-profile reforms in the past few years that includes opening Mexico’s closed oil industry to private investment for the first time since 1938.
“He’s leaving with a superb track record on reforms, and will be remembered as one of the main architects of the reform efforts going back to 2013,” said Alonso Cervera, Credit Suisse’s chief Latin America economist.