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Mexico president says will not push successor to rush constitutional reforms
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Mexico president says will not push successor to rush constitutional reforms
Jun 10, 2024 11:04 AM

MEXICO CITY, June 10 (Reuters) - Mexico's outgoing

president said he would not pressure his successor to rush a

package of constitutional reforms he has proposed, including a

major overhaul of the judiciary which has spooked markets since

the June 2 election.

President Andres Manuel Lopez Obrador said he would meet

later on Monday with close ally Claudia Sheinbaum, who notched a

landslide victory to become Mexico's first woman president, to

start transition talks.

The constitutional reforms, which would drastically

remake Mexico's judiciary, eliminate key regulatory agencies and

introduce new social benefits, were proposed by Lopez Obrador

back in February but did not cause market alarm until the ruling

coalition honed in on a congressional super-majority in the

recent election.

Last week, Mexico's peso fell 8% - its biggest plunge

since the COVID-19 pandemic - in addition to a steep sell-off in

the country's main stock index.

On Monday the peso fell 1% before reversing losses and

strengthening slightly.

Asked by a reporter on Monday if he would ask Sheinbaum to

speed up constitutional reforms, Lopez Obrador replied: "No."

Later, he stressed he would not interfere after he leaves

office at the end of September, saying he would not receive

politicians at the ranch where he will retire to and would

delete his social media accounts.

The ruling coalition led by MORENA secured a two-thirds

super-majority in the lower house but fell just short in the

Senate, although analysts believe those extra votes can likely

be secured through negotiation.

Lopez Obrador's judicial reform would replace an appointed

Supreme Court with popularly elected judges, as well as for some

lower courts, which critics allege would fundamentally alter the

balance of power in Mexico.

Also on Monday, MORENA party head Mario Delgado told

broadcaster Radio Formula he believes the judicial overhaul is

necessary and that it "will generate certainty for the rule of

law and above that for investors."

It remains unclear when lawmakers might take up the

constitutional reforms.

While the newly-elected Congress will take office at the

beginning of September, Sheinbaum will not be inaugurated until

a month later, which could give Lopez Obrador and lawmakers a

window to try to enact the reforms.

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