(Bloomberg) -- Almost the entirety of Mexico’s Finance Ministry’s top team will stay in their position in the incoming administration of President-elect Claudia Sheinbaum.
Only the undersecretary of expenditure, Juan Pablo De Botton, will move on to be Finance Minister of Mexico City. De Botton will be replaced by Bertha Gomez Castro, Sheinbaum told reporters outside of her campaign headquarters.
While Sheinbaum did not name others specifically, the statement dispels questions on whether other top members of the team, such as Deputy Finance Minister Gabriel Yorio, would remain in their posts.
Yorio is expected to stay, according to people with knowledge of the matter.
Yorio, who previously ran the Finance Ministry’s debt office and has worked at the World Bank, is well known among global investors and bankers. He led the design and issuance of sustainable bonds by Mexico and helped push through a markets reform bill that is designed to boost debt and equity listings by smaller companies.
The day after winning the presidency, Sheinbaum confirmed Finance Minister Rogelio Ramirez de la O would stay in his post.
“He’s a great public servant who provides certainty of good financial and economic management,” she said in June.
Mexico’s peso is down around 13% since the vote in June, when the ruling coalition unexpectedly won by a landslide in legislative races.
Sheinbaum added on Thursday that Antonio Martinez Dagnino will stay as head of the tax agency SAT.
--With assistance from Alex Vasquez.
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