March 8th, 2024
1. Presidential candidates present their government proposals
At the beginning of the 2024 presidential race, Mexican presidential candidates presented their campaign proposals. Xóchitl Gálvez stood out with a proposal to build a mega maximum-security prison and strengthen the National Guard, while also suggesting the creation of a binational customs agency with the United States.
On the other hand, Claudia Sheinbaum, from the ruling coalition, focused her 100 proposals on the continuity of the current government and on improving public security through judicial reforms. Jorge Álvarez Máynez of the Citizen Movement party pledged to address the insecurity crisis, improve working conditions, and prioritize environmental protection.
2. The Chamber of Deputies approves a new Sustainable Food Law
In a historic event, the Chamber of Deputies of Mexico has unanimously approved the General Law on Adequate and Sustainable Nutrition. This legislation received support from most lawmakers, representing a step forward in improving the sustainability and food security conditions of the country.
The new legislation aims to guarantee the human right to nutritious and quality food, in addition to establishing a comprehensive framework to ensure access to food for everyone, regardless of their economic or geographical situation.
La Jornada: Aprueban ley de alimentación adecuada y sostenible
3. The Mexican peso achieves recovery against the dollar
The Mexican peso has experienced a significant recovery against the U.S. dollar, reaching 17 units for sale, marking a level not seen since mid-January of this year.
According to data provided by the Bank of Mexico (Banxico), the exchange rate closed the week at 16.96 pesos per dollar. This achievement adds to three consecutive days of gains, with an appreciation of 0.26% or 6.13 cents compared to the previous closing.
El Financiero: Peso cierra en 16.96 vs. el dólar; rompe piso de las 17 unidades por primera vez desde enero
4. Mexico and the US will discuss an airline alliance in a bilateral meeting
In the coming days, a bilateral meeting is expected to be led by Carlos Monje, U.S. Deputy Secretary for Transportation Policy, and Rogelio Jiménez Pons, Mexico’s Deputy Secretary of Transportation, to address the Air Transport Agreement between the two nations.
The main goal of the meeting is to put an end to the antitrust immunity between the Mexican airline Aeroméxico and the U.S. carrier Delta Airlines, as both countries hold divergent positions regarding their economic impacts on domestic air markets.
El Financiero: Discutirán México y EU alianza aérea en reunión bilateral
5. Moody’s predicts that there will be few changes in Mexico’s economic policy
Moody’s Investors Service anticipates minimal changes in Mexico’s economic policies if Claudia Sheinbaum emerges as the winner of the presidential election.
The agency emphasizes in its report “Global Macroeconomic Outlook 2024-2025” that the next administration’s room to maneuver will depend on the composition of Congress and will likely be constrained by a weakened opposition. However, it is highly probable that the administration will refrain from modifying the current public policies. The report also pointed out the primary structural obstacles that will limit the benefits of nearshoring, such as water scarcity and the absence of a clear fiscal policy.
Reforma: Prevé Moody’s escenario complejo si gana Sheinbaum
Milenio: México, sin cambios relevantes de ganar Sheinbaum la Presidencia: Moody’s