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| Left center, President Peña Nieto. Far left, PAN president, Gustavo Madero. Center, PRD president, Jesús Zambrano. Center right, PRI pesident, César Camacho. Far right, Luis Videgary, Secretary of the Treasury Photo: Héctor Téllez |
Milenio: Accompanied by members of the Pact for Mexico, President Enrique Peña Nieto today announced the financial reform, which aims to provide more credit and make it cheaper. The President said that because of the strength of its economy, the country has an opportunity to alter the framework of the financial sector so that it can become an engine for the country.
The President admitted that financial institutions currently do not provide sufficient credit to those most in need because small and medium size businesses that generate 74 percent of GDP have access to only 15 credit companies to meet their needs.
"The rest have to do with informal means and higher interest ...," said the President.He stressed that the initiative seeks to increase the level of credit in Mexico, which is below international standards.
"There are 13 initiatives and 34 laws to be changed. The goal is to have more and cheaper credit in order to change people's lives," said the President.Peña Nieto said the financial reform is essential for the Mexican economy to grow and create the jobs demanded by the population. In addition, he said, the financial reform will contribute to democratizing productivity and raising the incomes of Mexican families.
The President highlighted four key objectives of the initiative:
- Promoting credit through development banks,
- Increasing credit provided by private financial institutions,
- Increasing competition in the financial sector, and
- Ensuring the soundness and prudence of the financial system.
In the political sphere, he celebrated having left behind the differences they had within the Pact for Mexico and that the political parties shared a common interest to achieve objectives for the benefit of the country.
There are 13 initiatives and amendments to various laws relating to such matters as: strengthening a National Commission for the Protection and Defense of Users of Financial Services, savings and loans, credit programs, development banks, multi-purpose finance companies, investment funds, market regulation, strengthening the powers of financial authorities, the efficient transfer of mortgages.
The national president of the PAN, Gustavo Madero, said that financial reform aims to strengthen the financial system, commercial banking, development... He acknowledged that although financial reform is complex, "it is broad in scope and deep in its importance" and now must be analyzed, reviewed, processed and improved in the Congress. He said the PAN is committed to the reforms, but he said to the President, "This doesn't negate (that reforms go through) a thorough review in Congress."
In turn, the leader of the PRD, Jesus Zambrano, said that the banking system is monopolized, as only five institutions control "virtually all of it".
"It is impossible to think of aspiring to growth without a healthy banking system," he said.The PRD leader also reported that 70% of jobs are generated by micro, small and medium-sized enterprises, so he regretted that only 5% of domestic credit is allocated to these. ...
The national president of the PRI, César Camacho Quiroz, said that the financial proposal will provide more opportunities for growth and trigger economic development of the country. The PRI leader said more access for small and medium enterprises to financial loans with lower interest will be a means to create jobs... Spanish original