Mexico's Finance Minister Stepping Down: Report

(@FahadShabbir)

Mexico's finance minister stepping down: report

MEXICO CITY, (APP - UrduPoint / Pakistan Point News -7th Sept,2016) :- Mexico's finance minister Luis Videgaray is stepping down, local radio said Wednesday, a move that follows disappointing economic growth and scandals plaguing President Enrique Pena Nieto.

Radio Formula said finance ministry spokeswoman Claudia Algorri confirmed that Videgaray, a close confidant of Pena Nieto, offered his resignation and that the president accepted it after nearly four years on the job.

Pena Nieto scheduled a televised statement from his official residence for 1600 GMT. His office did not give further details. A replacement was not immediately named. Videgaray coordinated Pena Nieto's presidential campaign and has been known as one of his key advisers over the years.

But the economy has not performed as well as hoped, shrinking by 0.3 percent in the second quarter, while the peso has dropped against the Dollar.