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Mexican president taps Maria del Carmen Bonilla as deputy finance minister

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Mexico’s New Deputy Finance Minister: María del Carmen Bonilla Takes the Helm

On Thursday, President Andrés Manuel López Obrador announced the appointment of María del Carmen Bonilla as the Deputy Minister of Finance and Public Credit (Secretaría de Hacienda y Crédito Público, SHCP). The move, which was formally ratified by a cabinet reshuffle on August 11, signals a continuation of López Obrador’s emphasis on fiscal prudence and economic reform amid a period of mounting inflation and sluggish growth.


A Profile in Experience

Bonilla is not a newcomer to Mexico’s financial corridors. A seasoned economist, she earned a degree in economics from the Universidad Nacional Autónoma de México (UNAM) before completing a Master of Business Administration at the Harvard Business School. Her professional trajectory includes stints at the Bank of Mexico, the International Monetary Fund (IMF), and the SHCP itself. In 2018, she served as the Undersecretary for Fiscal Policy, where she oversaw the country’s debt‑management strategy and played a key role in implementing the 2018–2020 fiscal reforms that cut the fiscal deficit by 0.5 percentage points of GDP.

In addition to her domestic experience, Bonilla spent three years as the IMF’s Mexico Country Director. That role gave her an international perspective on macro‑policy, which she is expected to bring to Mexico’s efforts to curb inflation and strengthen its currency. “Her blend of on‑the‑ground policy work and global financial insight makes her an ideal choice for navigating Mexico’s complex fiscal landscape,” noted Pedro Celis, the current Minister of Finance.


The Role: Steering Fiscal Policy and Debt Management

As Deputy Minister, Bonilla will work under Minister Pedro Celis and will be responsible for a broad portfolio. According to the SHCP’s official press release, her duties will include:

  • Debt Issuance and Management: Overseeing the issuance of sovereign bonds and the structuring of Mexico’s external debt portfolio. This is a critical task as the country’s debt-to‑GDP ratio edged above 55 % in 2024.
  • Fiscal Discipline: Monitoring government spending, ensuring that public budgets remain within the limits set by the National Commission of Budget and Fiscal Policy (CONAFIP), and proposing adjustments to keep the fiscal deficit below the 4 % threshold established in the 2025 budget.
  • Inflation Control: Working closely with the Bank of Mexico to coordinate macro‑prudential measures aimed at bringing inflation back toward the 4 % target set by the Bank’s monetary policy committee.
  • Transparency and Governance: Strengthening reporting mechanisms and improving the transparency of fiscal data, in line with the administration’s anti‑corruption agenda.

Bonilla’s appointment also comes at a time when Mexico is navigating a wave of domestic and global uncertainties—rising commodity prices, supply‑chain disruptions, and a global slowdown that could press on Mexico’s export‑driven sectors.


Economic Context: A Tightrope Between Growth and Stability

Mexico’s economy in 2025 faces a dual challenge. Growth, projected at 2.3 % by the Mexican Institute of Statistics and Geography (INEGI), remains modest, while inflation has hovered around 6 % in the first half of the year—well above the central bank’s target. The SHCP has warned that unchecked inflation could erode the gains from recent tax reforms and undermine consumer confidence.

The government’s recent “Plan de Estabilidad y Crecimiento”—an ambitious package that included a 10 % reduction in the value‑added tax (IVA) for small businesses and increased public investment in infrastructure—was designed to stimulate demand. However, these measures have added pressure to the fiscal ledger. Bonilla’s experience in debt management will be pivotal in balancing the need for fiscal stimulus with the imperative of maintaining macro‑economic stability.


A Continuity of Fiscal Policy

While the appointment of a new deputy minister may seem like a routine reshuffle, it underscores the administration’s commitment to a disciplined fiscal framework. “We are not looking for a radical shift; rather, we are reinforcing our commitment to responsible budgeting,” Celis remarked in a post‑announcement interview. Bonilla’s track record in both domestic fiscal policy and international financial governance positions her to help the government navigate the fine line between economic stimulus and fiscal prudence.

Her role will also involve close collaboration with other ministries—particularly the Ministry of Economy and the Ministry of Finance—to ensure coherent policy implementation across the public sector. This synergy is expected to enhance Mexico’s ability to adapt to rapid economic changes, such as shifts in global commodity markets or sudden changes in U.S. trade policy that could impact Mexico’s manufacturing base.


Looking Ahead

With the world’s economies still reeling from the aftershocks of the COVID‑19 pandemic and facing new geopolitical tensions, Mexico’s leadership is poised to make decisive moves to stabilize its economy. Bonilla’s appointment as Deputy Minister of Finance is a signal that the López Obrador administration is prepared to harness seasoned expertise to guide Mexico through its current economic challenges.

In the months to come, observers will be watching to see how Bonilla’s policies influence Mexico’s debt trajectory, inflation trends, and overall economic growth. Her performance will likely be measured not only by quantitative metrics—such as the fiscal deficit or inflation rate—but also by the broader perception of Mexico’s financial stability among international investors.

As the country grapples with the dual imperatives of fostering growth while maintaining fiscal responsibility, the leadership within the SHCP—now bolstered by María del Carmen Bonilla—will be at the heart of Mexico’s economic narrative in 2025 and beyond.


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