AMLO confirms the nomination of Gerardo Esquivel to preside over the IDB

President Andres Manuel Lopez Obrador confirmed that the Mexican government promoted the candidacy of Gerard Esquivel to compete in the election of the next president of the Inter-American Development Bank (IDB).

In his morning conference, he trusted that Mexico has the possibility that this candidacy will prosper and assured that it will be the Secretaries of the Treasury, Rogelio Ramírez de la O and Foreign Minister Marcelo Ebrard, who will continue the negotiations with the governments of the Latin American countries, to obtain the agreements that will facilitate your triumph.

The president affirmed that it is important for Mexico to have this representation, as he assured that Mexico’s economic conditions, its growth potential and its proximity to the United States and Canada will be factors that can help Mexico in the decision of the other members.

López Obrador explained that Esquivel replaces Alicia Bárcena, current Mexican ambassador to Chile, in the Mexican candidacy, because the official has a family matter that prevents her from participating.

The president did not give details about the relief of Gerard Esquivel in Banco de México, since his position as deputy governor ends on December 31 and until now it has not been decided whether he would nominate him for an eight-year term at the central bank or whether he would propose, as authorized by the Banxico Law, a substitute.

two weeks ahead

The change of the candidate from Mexico to the contest towards the IDB campaign, comes at the last minute of the closing of the registration of nominees. The election of the next president of the IDB is scheduled for next November 20.

On October 24, Brazil formalized the registration of former central banker Ilan Goldfajn who, in order to campaign, requested a temporary license from the position he holds as Director of the Western Hemisphere Department at the International Monetary Fund (IMF).

On November 3, Chile formally nominated former finance minister and former Director of the IMF’s Western Hemisphere Department, Nicolás Eyzaguirre, who also has a seven-day lead over Esquivel in the campaign.

This will be the choice

as you have detailed The Economist, the next president of the IDB must be the winner of an election that is scheduled to take place on November 20 next. It must have the support of at least 15 of the 28 member countries of the region.

But the vote of each country does not have the same weight, since it depends on the quota that each country pays to belong to the organization. Among these countries, the United States is the partner with the highest voting power, corresponding to 30,006 percent. Mexico’s vote has a weight of 7.2 percent and therefore it must get other countries to add the necessary proportion to lead it to lead the IDB.

So that USA has veto power in the multilateral, and lobbying with them will be necessary to guarantee the victory of the Mexican candidate, as explained by the professor of the School of Government and Economics of the Pan American University, Gabriel Pérez del Peral.