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Mexico elects Claudia Sheinbaum as first female president

Presidential candidate Claudia Sheinbaum of the “Sigamos Haciendo Historia” coalition waves to supporters during the 2024 campaign closing event at Zocalo on May 29, 2024 in Mexico City, Mexico.

Hector Vivas | Getty Images News | Getty Images

Left-wing Mexican climate scientist Claudia Sheinbaum received enough votes to become the Latin American country’s first female president.

The country’s election institute released a quick count Sunday evening indicating that Sheinbaum had won the presidential election. The estimate has a margin of error of +/-1.5%, the institute said.

In the historic vote, Sheinbaum defeated her electoral rival, center-right businesswoman Xóchitl Gálvez, after leading the polls for months.

A protégé of his longtime ally and mentor Andrés Manuel López Obrador, Sheinbaum is now poised to succeed AMLO when his six-year term as president ends on October 1.

Sheinbaum, a former Mexico City mayor nicknamed the “ice lady” by her political rivals, has pledged to largely continue AMLO’s policies and has received support from his ruling Morena party.

Sheinbaum previously worked as a contributing author to a report by the UN Intergovernmental Panel on Climate Change. Yet the 61-year-old did not place the climate threats facing Mexico at the heart of her campaign.

Analysts say Mexico’s next government will face important fiscal and structural realities that are likely to lead to difficult choices when it comes to balancing investment plans, popular but costly social programs and, perhaps -most importantly, the state oil company Pemex.

“Without a concrete solution to the problem of the elephant in the room – Pemex – neither external market sentiment nor rating agencies are convinced of Sheinbaum’s fiscal credentials,” Verisk Maplecroft analysts said in a recent note. research.

“His main proposal – giving a boost to later by refinancing Pemex’s upcoming debt obligations ($6.8 billion in 2025, followed by $10.5 billion in 2026 – and a total of $39 billion dollars by the end of the decade) – is unlikely to wash away investors, given Pemex’s deep structural problems,” they added.

General view of the closing campaign rally of Mexican presidential candidate from the ruling Morena party, Claudia Sheinbaum, at Zocalo Square in Mexico City, May 29, 2024.

Pedro Pardo | Afp | Getty Images


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