Incoming Finance Chief Targets Mexico Debt

Mexico’s incoming finance minister, Francisco Gil Diaz, said he would seek to shave the nation’s debt burden to fuel credit growth and a sustained expansion of Latin America’s second-biggest economy. One day after being named to Mexico’s top financial position, Gil told a Mexico City radio program that lowering debt, increasing tax collection and slashing government spending were among the key planks of his fiscal program. Mexico’s total foreign and domestic debt load of $130 billion stood at 24% of the nation’s gross domestic product as of the first half of the year, according to government figures. Gil, 57, who will take office along with President-elect Vicente Fox next Friday, also suggested a streamlining of government offices could be in the cards, including a voluntary retirement program for public servants.