IMF AND MEXICO ~ MEXICO WILL CHAIR THE G20 FOR 1 YEAR ...

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November 30, 2011

Statement by IMF Managing Director Christine Lagarde at the Conclusion of her Visit to Mexico

Press Release No. 11/435

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), made the following statement today in Mexico City:

“It is a great pleasure to be in Mexico on my first visit to this country as Managing Director of the IMF. I have had the honor of meeting with President Felipe Calderón, Finance Minister José Antonio Meade, Central Bank Governor Agustín Carstens, as well as some of Mexico’s leading female executives.

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“My visit coincides with Mexico becoming the Chair of the Group of 20 and assuming a major role in forming the policy agenda for the G20 in the next 12 months. I am convinced the G-20 will be well served over the coming year by this spirit of constructive multilateralism, and also by Mexican initiative and strong experience

“In our discussions today, President Calderón outlined Mexico’s ambitious G20 agenda, including putting a stop to the debt crisis in Europe, achieving medium term fiscal consolidation in advanced economies, global rebalancing, and supporting reforms that strengthen the role of the IMF. I am confident that under Mexico's leadership the G-20 will be effectively contributing to the global agenda.

“We also reviewed economic developments in Mexico. The rapid economic recovery after the global crisis is a testament to its strong fundamentals and the authorities’ skillful policy management. Mexico’s resilience has underpinned sustained growth and employment creation.

“At the same time, risks from unsettled global conditions remain, and even strong countries like Mexico could be affected. Mexico has room to contain the potential fallout, but should intensify reforms to boost growth and increase its competitiveness, particularly in an external environment of protracted low activity.”

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