Mexico Finance Minister Urzua quits, posts scathing resignation letter

Mexico’s finance minister quits abruptly sending peso tumbling

Mexico's finance minister, Carlos Urzúa, quit abruptly on Tuesday, with a letter of resignation that appeared highly critical of the current administration, and raised questions about the president's much-vaunted promise to reduce corruption.

Following the news, the stock market in Latin America's second-largest economy closed with a loss of 1.77 per cent, while the peso fell 1.36 per cent against the United States dollar.

"This was caused by influential people in the current government with a patent conflict of interests", added Urzua, without specifying exactly whom he was referring to. Herrera is well known to investors and seen as a competent economic manager. "Some of them happened because in this administration public policy decisions were made without sufficient foundation", Urzua wrote in a scathing letter posted on Twitter.

"It is precisely in the area of inequalities where we have to work", said Herrera.

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On his watch, however, Urzua was hit by a sovereign debt downgrade and contracting economic growth as he stuck to fiscal targets while setting aside money to support Pemex and Lopez Obrador's plans to splurge on a new oil refinery.

Lopez Obrador tried to downplay Urzua's resignation, saying it was normal for there to be differences within a government that was pushing big changes in the economy and that other resignations were possible.

Both actions have been blamed for shortages in areas such as healthcare, where lack of medicines led to the high-profile resignation of the public health system chief earlier this year.

Herrera, who appeared with Lopez Obrador in the video, said that Mexico is a country of enormous resources but also great contrasts.

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