On Tuesday, Claudia Sheinbaum took the oath of office as Mexico’s first female president, promising to advance women’s rights and maintain Latin America’s second-largest economy as a safe haven for foreign investment.
62-year-old scientist and former Mexico City mayor Sheinbaum took the oath of office and received the presidential sash in a boisterous ceremony in Mexico’s Congress, ushering in her six-year term.
Her voice rose with emotion as she declared, “It’s time for women; it’s time for transformation.”
“I’m a mother, a grandmother, a scientist, a woman of faith, and from today, by the will of the Mexican people, the president,” she stated.
In addition, Sheinbaum addressed investor concerns in her first speech as president following the enactment of a significant judicial reform championed by her predecessor, Andres Manuel Lopez Obrador.
“Rest assured that the investments of national and foreign shareholders will be safe in our country,” she said, restating the central bank’s independence.
Alberto Ramos, the head of Goldman Sachs’ Latin American economic research, said that Sheinbaum’s ability to establish “a predictable and investment-friendly policy and regulatory framework” will determine her success.
Ramos emphasized the importance of Pemex, a highly indebted state oil company, and stated, “Disciplined management of the budget and of state-owned enterprises, progress on public security, and safe-guarding the integrity of key institutions will be key to preserving market sentiment and sovereign debt ratings.”
Sheinbaum promised that the massive Mexican oil company would strive to keep daily oil production at the current level of 1.8 million barrels.
The United States, Mexico’s biggest trading partner, is holding presidential elections in November. If former President Donald Trump wins, he has promised to raise tariffs on Mexican goods, which could further increase market volatility.
Sheinbaum’s administration will release its first budget before November 15, and observers will undoubtedly closely examine it to see if Sheinbaum will follow through on her promises to reduce the fiscal deficit from 5.9% of GDP at year’s end to 3.5% of GDP.
She made one hundred promises during an afternoon speech in the capital’s historic Zocalo Square. These included building one million new homes, boosting public healthcare and education, putting a price cap on essential goods, and sending Congress a package of reforms to combat discrimination and gender violence.
Sheinbaum announced that she will present the package on Thursday. She said that it will contain suggested constitutional amendments that aim to lessen impunity and safeguard women in a country with some of the highest rates of femicide worldwide.
“Our guide is the happiness and wellbeing of the people,” she stated. “I pledge to you to keep making history.”
