The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, met with President Andrés Manuel López Obrador, acknowledging that she is “really impressed by the first steps the government has taken.”
After having a “very encouraging” conversation, he says that the President made it clear that he is determined to increase Mexico’s economic growth and reduce inequality. He said he also pledged to expand financial inclusion, especially by encouraging a much more widespread use of mobile banking.
And he commented that the ongoing pilot program to run tests of operation of the digital platform CoDi to enable electronic payments in real time from mobile phones, “could open the doors of the financial system for millions of Mexicans.”
He returned to international experience to explain that the mobile payment service in Kenya, M-PESA, is a well-known example.
She stressed that she highlighted the role of Mexico as one of the Latin American countries that are taking the initiative to provide the use of innovative technologies in the provision of financial services.
And he stressed the important role of remittances for the economy in general, which can in turn benefit from low-cost and highly transparent solutions that allow rapid processing of payments.
Pension funds, greater flexibility
The official also stressed that the decision to grant pension funds greater flexibility in their investments can help channel savings towards more productive uses.
Over time, he confided, they may also offer more opportunities to expand participation in the financial system.
Source: el economista, noticiaszmg
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