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Exclusive: Mexico’s Lopez Obrador to pursue pension reform, fiscal prudence

Exclusive: Mexico's Lopez Obrador to pursue pension reform, fiscal prudence© Reuters. Mexico’s next President Andres Manuel Lopez Obrador addresses supporters, in Mexico City

By Stefanie Eschenbacher and Ana Isabel Martinez

MEXICO CITY (Reuters) – Mexico’s next president, Andres Manuel Lopez Obrador, will push a pension reform and back an initiative in Congress to create a fiscal committee designed to pursue prudent economic management, a senior finance aide told Reuters on Monday.

The leftist Lopez Obrador won a landslide victory on Sunday, besting a four-candidate field with more than 53 percent of the vote in preliminary results. His MORENA party could also win outright majorities in both chambers of Congress.

Carlos Urzua, Lopez Obrador’s pick to be his finance minister when he takes office in December, told Reuters on Monday that the new government would aim to reform the pension system during its six-year term.

Mexico introduced an individually funded, private pension system in the 1990s, but it still retains a significant public pension scheme that has mounting liabilities.

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Source: Investing.com

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