Within the framework of the
The meeting began with a space for dialogue, in which the economic challenges facing the
Pacific Alliance bloc were analyzed, derived from various global risks —especially those related to the COVID-19 pandemic and the tensions derived from new geopolitical conflicts.
The ministers acknowledged that the world economy is moving towards an economic equilibrium of lower growth and higher inflation, noting that short-term inflationary risks directly affect households —mainly those with lower incomes.
Besides, they pointed out the importance of implementing public policies which allow strengthening the functioning of global value chains and counter the increase in the prices of food and raw materials —mainly those of energy.
Subsequently, Mexico presented the work plan within the Council of Finance Ministers (CMF) for this year and reported the progress of activities in the areas of: financial integration; infrastructure investment; finance and sustainable development; catastrophic risk management; innovation and financial digitalization; in addition to tax treatment.
In particular, the following three issues of the Pro-Tempore Presidency of Mexico were highlighted:
i) Diagnosis of the impacts that a pandemic can have on public finances.
ii) Non-binding common principles that allow the integration of environmental, social, and governance (ESG) criteria throughout the development cycle of infrastructure projects to attract financing from the private sector.
iii) Identification of common principles to prevent green or sustainable washing in the financial sector. The foregoing will allow
Pacific Alliance members to be better positioned in the face of current challenges.
The ministers approved the work plan presented by the Pro-Tempore Presidency of Mexico.
Additionally, they highlighted the joint work of the
Pacific Alliance to promote a sustainable finance agenda, under a broad spectrum that includes green and social aspects, as well as favoring technological innovation in the financial sector for the formalization of our economies and the financing of the most vulnerable sectors.
Finally, the ministers thanked the Inter-American Development Bank for its commitment to the
Pacific Alliance, both as Technical Secretariat of the CMF and as a technical ally for the development and implementation of initiatives aimed at strengthening the process of financial and economic integration of member countries of this regional cooperation mechanism.
Meeting
On April 21, 2022, the 26th Meeting of Finance Ministers of the Pacific Alliance was held in a hybrid manner, with the presence Finance Minister Mario Marcel (Chile), Finance and Public Credit Secretary Rogelio Ramirez de la O (Mexico), and
Economy-Finance Minister Oscar Graham (Peru). For his part, Finance and Public Credit Minister Jose Manuel Restrepo Abondano (Colombia) participated in the event virtually.
It was chaired by Secretary Ramirez de la O, since Mexico holds the Pro-Tempore Presidency of the Pacific Alliance.