Mexico’s first female president takes office

Sheinbaum speaks during his congressional inauguration ceremony in Mexico City. -AFP

Claudia Sheinbaum (pictured) was sworn in yesterday as Mexico’s first female president, taking the reins at a time when the country is grappling with organized crime violence and a heavy deficit in Latin America’s second-largest economy.
Sheinbaum, a 62-year-old scientist and former mayor of Mexico City, was inaugurated in a ceremony at the Mexican Congress for a six-year term until 2030.
His supporters chanted “President! President!” and “Long live Mexico!” after Sheinbaum took the oath of office before lawmakers.
She will then attend a celebration in Mexico City’s main square as leader of the world’s most populous Spanish-speaking country, which has a population of 129 million and has had 65 male presidents since its independence.
Supporters began gathering at dawn on Inauguration Day, which authorities declared a national holiday.
“We arrived at five in the morning,” said Marta Ramírez, a housewife who came by bus from the central city of León.
A female president “understands the people better,” she said.
Sheinbaum has repeatedly said that “it is time for women and transformation” in Mexico, a country with a history of gender-based discrimination and violence, with around 10 women or girls murdered every day.
Political observers and analysts predict that Sheinbaum will urgently seek to calm investors after the passage of a controversial judicial reform pushed by his predecessor Andres Manuel Lopez Obrador.
Markets will look to Sheinbaum for “a predictable, investment-friendly policy and regulatory framework,” said Alberto Ramos, head of economic research for Latin America at Goldman Sachs.
“Disciplined management of the budget and public enterprises, progress on public security and safeguarding the integrity of key institutions will be essential to preserve market sentiment and the sovereign debt rating,” Ramos said, emphasizing the importance of the public energy company. Mexican Oil (Pemex).
November’s presidential elections in the United States, Mexico’s largest trading partner, could increase market volatility, especially if former President Donald Trump, who has pledged to raise tariffs on Mexican goods, won.
Sheinbaum’s government will present its first budget before November 15, which is expected to be closely scrutinized for whether Sheinbaum will keep its commitments to reduce the budget deficit to 3.5% of gross domestic product from 5.9%, where it is expected to be closed. the year.
Lopez Obrador, whose six-year term began in 2018, managed to double Mexico’s minimum wage, reduce poverty and unemployment, broaden the base of social programs and oversee a strengthening of the peso.
Touting these successes boosted his popularity and helped propel Sheinbaum, his protégé, to a landslide victory in the June election.
Sheinbaum, however, who promised “continuity with change,” will inherit the largest budget deficit since the 1980s and lagging economic growth.
Experts have said Mexico’s economy will require tax reform to raise revenue, although Sheinbaum has said publicly she does not plan a sweeping tax overhaul.
Instead, she said she would pursue other options, including improving the efficiency of tax collection at customs.