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IMF Chief Applauds Mexico: Calls Latin America a Model for the Rest of the World

International Monetary Fund (IMF) chief Christine Lagarde said in an interview that Brazil, Mexico and Peru have done remarkably well improving their economies over the past few years and can provide some lessons to other advanced countries.

The IMF chief has very specific ideas on how other economically stressed countries can benefit from the Latin American model. The chief explained that lessons “such as saving for a rainy day, and making sure that risks in the banking system are under control…I believe Latin America is now on a firm foundation, and can look ahead to lasting prosperity and stability that can lift the living standards of all.”

Lagarde identified social inclusion as one of the many factors behind the region’s recent economic progress, as issues of poverty, inequality, and human development have improved dramatically over the past decade.

Mexico’s Oportunidades programs have enjoyed particular success in breaking the intergenerational transmission of poverty—so much so that they are now models for the rest of the world.

“These countries have harvested the fruits of strong fundamentals, sound policy frameworks, and prudent macroeconomic policies and are now enjoying sustained growth with reduced vulnerabilities—an enviable sweet spot,” he added.

Lagarde went on to explain that Mexico in particular, is a country “in a unique position to shape our collective economic destiny over the coming year.”  
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