Claudia Sheinbaum Emphasizes the Need for Responsible Credit Access
Claudia Sheinbaum, the President of Mexico, reiterated the importance of increased and responsible credit availability in her speech during the celebration of the 100th anniversary of Banco de México (Banxico).
Mexico’s Credit Situation
Sheinbaum highlighted that Mexico, as one of the leading economies in Latin America and globally, is among the countries that provide the least credit relative to its Gross Domestic Product (GDP). This situation poses significant challenges for millions of families, entrepreneurs, and small businesses seeking financial support.
Credit’s Impact on Development
The President emphasized that insufficient credit hinders productive development, restricts innovation, and may deepen existing inequalities. She stressed the need to expand access to responsible credit that empowers small and medium-sized enterprises (SMEs), entrepreneurs, and working families.
Plan México and Collaboration
Sheinbaum mentioned Plan México, which underscores the necessity for increased credit access for SMEs. To achieve this, an agreement has been signed with private banking institutions in Mexico, and initial working sessions have already commenced.
- The objective is to promote responsible credit, focusing on productive investment, strengthening SMEs, internal consumption, and job creation.
Digitalization and Internet Access: Another Challenge
In addition to credit accessibility, Sheinbaum called for greater emphasis on digitalization and internet access within the Mexican financial sector.
Technological Innovation in Finance
Sheinbaum pointed out that the financial sector is rapidly transforming due to technological advancements, and Mexico must keep pace. She urged the financial industry to leverage technological innovations in payment systems, banking services, and digital inclusion to benefit the people, young individuals, women, and those historically excluded from the financial system.
Collaborative Efforts for Sustainable Growth
Sheinbaum emphasized that alongside maintaining stability and low inflation, it is crucial to foster inclusive growth through increased responsible credit, higher productivity, poverty reduction, and decreased inequality. She called for collaboration among Banco de México, the Federal Government, development banks, and private banking to continue advancing these goals.
