The International Monetary Fund (IMF) warned yesterday about the risks of reversing the opening of the energy sector approved in 2013 in Mexico, and stressed that the provision of energy must be “efficient, affordable and sustainable.”
“We have seen a rollback from the energy sector reforms of a few years ago, and that certainly is. increases policy uncertainty, which can then inhibit private sector investment ”, said Gita Gopinath, IMF chief economist.
Gopinath responded like this when asked by journalists about the risks to Mexico’s economic recovery if Congress approves reforms promoted by the government of Andrés Manuel López Obrador to limit the participation of private companies in the energy sector.
López Obrador promotes a modification of the Constitution to increase the control of the State in the energy market, reversing measures of his predecessor, Enrique Peña Nieto, that opened the local sector to private investment after more than 70 years of state monopoly.
“Our view is that when it comes to supplying energy, it should be possible to do it in the most efficient, affordable and sustainable way when it comes to the environment,” Gopinath said.
“And that has to continue to be the focus when any kind of reform is being carried out in the electricity sector,” he said.
Gopinath highlighted the rebound in Mexico’s economy when presenting the IMF’s latest report on the “World Economic Outlook” (WEO).
“It is no longer a two-speed recovery that was previously driven entirely by exports and manufacturing,” he stressed.
The IMF expects Mexico’s GDP growth of 6.2% in 2021.
The head of the Ministry of Finance and Public Credit (SHCP), Rogelio Ramírez de la O, defended the electricity reform initiative that the government of Andrés Manuel López Obrador is promoting.
He justified that it is due to the fact that in the past the scheme of autoabasto electricity from private companies.
“This initiative fosters a new Mexican electricity supply system to promote an orderly development that favors security, the continuity of the service in reliable terms, and at the same time the stability of the system,” he said.
By participating in a conversation hosted by the think tank Atlantic Council, assured that With this reform, the participation of private initiative in the energy sector will continue to be promoted.
This is because the Federal Electricity Commission (CFE) will buy energy and capacities from generating companies.
Although he did not elaborate more on the subject, because according to him the analysis and discussion in the Congress of the Union has not yet formally begun, he said that the SHCP will keep abreast of what the risk rating agencies may say and the reaction of the financial markets.