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Mexico's presidential frontrunner Sheinbaum discusses Trump, migration

Maya Averbuch, Carolina Millan and Andrea Navarro, Bloomberg News on

Published in News & Features

The candidate sees connectivity — “ports, highways, the increase of cargo rail, passenger rail, internet connectivity” — as the flagship project of her potential presidency.

That’s a somewhat different position from Lopez Obrador, who has invested heavily in big-ticket infrastructure projects like the Maya and Inter-Oceanic rail lines and a few airports.

“All these projects that allow us to connect, to enhance the development of investment and the relocation of companies, and well-being, will be something that will be a hallmark of our six-year term,” she said.

On the peso

Mexico’s currency was one of the world’s best-performing currencies last year and was on a similar trajectory in 2024 until the market’s flight to safety this month. Sheinbaum said the peso’s strength is due in large part to the central bank’s interest-rate policy. But she also credited Lopez Obrador’s economic policies.

“This has to do with the current economic model, which is a model based on financial stability, macroeconomic financial discipline and, at the same time, the potential for development in the domestic market,” she said.

Lopez Obrador’s minimum-wage increases and other social programs provide “a strength to the Mexican economy that many others do not have,” she said. The current president’s austerity during the pandemic, when other governments piled up debt to keep their economies churning, has also been a factor, she said.


She didn’t specify what she thought should be an adequate level for the peso.

On Pemex

The candidate expects Petroleos Mexicanos, the world’s most indebted oil producer, to refinance its bonds ahead of upcoming maturities in 2025.

“By necessity it has to be in 2025, because there is a maturity of part of the debt coming up in the next year, and we have to work on that,” she said. “Most likely the current Pemex CEO and the president are going to leave us with a long-term plan.”

Pemex’s fate is one of the greatest challenges Mexico’s next president will inherit, analysts and investors say. The company’s debt burden stands around $106 billion, including $6.8 billion due in 2025.

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