Sheinbaum sworn in as Mexico’s first female president

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Uchechi Ojo
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Mexico's President-elect Claudia Sheinbaum attends her swearing-in ceremony at Congress, in Mexico City, Mexico, October 1, 2024. REUTERS/Raquel Cunha

Sheinbaum sworn in as Mexico’s first female president

Claudia Sheinbaum was sworn in as Mexico’s first female president on Tuesday, pledging to enhance women’s rights and maintain the country’s status as a secure hub for international investment.

The 62-year-old scientist and former mayor of Mexico City took her oath of office and received the presidential sash during a vibrant ceremony at Mexico’s Congress, officially commencing her six-year term.

“It’s time for transformation; it’s time for women,” she declared, her voice fillePrime minster

d with emotion. “I’m a mother, a grandmother, a scientist, and a woman of faith, and from today, by the will of the Mexican people, I am your president.”

In her inaugural address, Sheinbaum also sought to reassure investors following the enactment of a comprehensive judicial reform initiated by her predecessor, Andres Manuel Lopez Obrador.

She reiterated that the central bank would be autonomous and told investors: “Rest assured that the investments of national and foreign shareholders will be safe in our country.”
Alberto Ramos, head of Goldman Sachs Latin American economic research, said Sheinbaum will be judged on whether she can construct “a predictable and investment-friendly policy and regulatory framework.”
“Disciplined management of the budget and of state-owned enterprises, progress on public security, and safe-guarding the integrity of key institutions will be key to preserving market sentiment and sovereign debt ratings,” Ramos said, emphasizing the importance of heavily-indebted state oil company Pemex.
Sheinbaum has pledged to keep daily oil production at 1.8 million barrels for the Mexican oil giant, in line with current output. The upcoming presidential elections in the United States, Mexico’s largest trading partner, could heighten market volatility, especially if former President Donald Trump, who has vowed to increase tariffs on Mexican goods, secures a win.
Her government plans to present its first budget before November 15, which is likely to be closely examined for signs of whether she will honor her commitment to reduce the fiscal deficit from 5.9% to 3.5% of gross domestic product by the end of the year.

Proofreading by Uchechi Ojo, Sub-editor at Neptune Prime.

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