MEXICO CITY – British business magazine Euromoney has named Mexico’s Luis Videgaray as the world’s top finance minister for 2014, citing his efforts to push through structural reforms, officials said on Wednesday.
Videgaray will receive the honor in a private ceremony in October in Washington during the annual World Bank and International Monetary Fund meetings, Mexico’s Finance Secretariat said in a statement.
The award is a reflection of the “transformational effect” that the recent structural reform program will have on Mexico’s economy, Euromoney editor Clive Horwood said.
The tax, financial, energy and telecommunications overhauls are each highly important on their own but their combined effect will provide a great boost to the Mexican economy and reduce the cost of inputs, increase productivity and attract large flows of foreign investment, he added.
Reforms carried out since Mexican President Enrique Peña Nieto took office in late 2012 have, among other things, ended the decades-old monopoly of state oil giant Petroleos Mexicanos, and sought to spur greater competition in the telecommunications and broadcast TV sectors, boost tax revenues and increase lending by banks.
Euromoney has awarded its Finance Minister of the Year prize for the past 33 years.